World Bank OKs $300-M funding to upgrade Philippine structures vs. natural hazards

The World Bank has approved a $300-million funding for a new Philippine project that seeks to better protect local structures from natural hazards such as earthquakes and other climate-related events.

According to the WB, its Board of Executive Directors on Thursday approved the funding for the Philippines Seismic Risk Reduction and Resilience Project.

This will upgrade some 425 structures including school buildings and health centers, and is seen to reduce risks for an estimated 300,000 teachers, students, doctors, patients, and staff who use the facilities.

According to World Bank Country Director for the Philippines Ndiame Diop, the financing will improve core capacities and capabilities to organize operations and coordinate resources to respond to emergencies.

"Metro Manila or the National Capital Region is the seat of government and the country's population, economic, and cultural center," he said in an emailed statement.

"Enhancing the safety of its buildings and structures while boosting institutional response to disasters will help protect the lives and safety of more than 12 million residents, including the poor and most vulnerable," he added.

The World Bank is March approved a $500-million funding for the Philippines to support government efforts against COVID-19, including the purchase and distribution of vaccines.

The multilateral lender expects the Philippine economy to grow 5.5% this year, slower than the 5.9% it initially announced in December, but still faster than the 9.6% contraction recorded last year as the country slipped into recession. -MDM, GMA News