Home Foreign World Bank releases $496m to assist typhoon victims in Philippines

World Bank releases $496m to assist typhoon victims in Philippines


Manila   –     The World Bank has released 496.25 million dollars to support the Philippine government’s efforts to hasten recovery, rehabilitation, and reconstruction in areas battered by Typhoon Mangkhut in September, the bank said on Tuesday.

Philippine’s National Disaster Risk Reduction and Management Council (NDRRMC), said more than 700,000 families or close to three million people were affected by the storm.
NDRRMC added that 138 were injured and 68 dead in several regions in the Philippine main island of Luzon and nearby Island provinces.
The police, meanwhile, said more than 100 people died, while several others were still missing.
The NDRRMC has estimated the direct damage to infrastructure and agriculture at 33.6 billion pesos (roughly around 623 million dollars).
“We express our sympathies to all the Filipino people affected,” said Mara Warwick, World Bank Country Director for Brunei, Malaysia, the Philippines and Thailand.
The Bank said the funds accessed from the contingent’s line of credit, will give the Philippine government flexibility to help families and communities affected.
The bank said the funds called the Second Disaster Risk Management Development Policy Loan with a Catastrophe-Deferred Drawdown Option (Cat-DDO 2), would assist government to reconstruct vital infrastructure, such as roads, bridges, schools, hospitals and restore basic social services.

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