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WB, ADB to extend loans for Mindanao rehabilitation

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Assistance from foreign countries are pouring in after the country was hit by devastating Typhoon Sendong with the Asian Development Bank (ADB) and the World Bank making pledges to lend additional money for the Philippines, President Aquino said on Tuesday.

In his speech before the evacuees in Cagayan de Oro City during his visit on Tuesday, the President said the ADB committed US$ 3-million loan for the Philippines that could be used for the rehabilitation of typhoon-affected areas.

He added that the World Bank also pledged to release a US$ 500-million loan with low interest rate in case the government need more funds for disaster-response.

The President said ADB’s loan is a previous offer after the Philippines invested in the bank in the past.

He said the payoff is for the country to avail of the money intended for natural disasters.

Aside from this pool of funds that can be accessed by the government, President Aquino said the country still has a P1.17 billion calamity fund, as well as other funds that can still be tapped. But he said using the other sources of money will depend on the recommendation of his economic team.

Besides monetary offers, there are assistance being offered by the US, Japan, China, Russia, Spain and many other countries, he said.

“Taus-pusong pasasalamat po ang ipinararating natin sa mga kaibigan ng bansang Pilipinas at ng mga Pilipino. Wala pong duda babangon ang Cagayan de Oro at ang Iligan at ang iba pang tinamaan ni Sendong,” he said.

With all the assistance being extended, the President noted that government will have to assess the recent initiatives to determine what is needed.

The President visited Cagayan de Oro, Iligan City and Dumaguete City on Tuesday to oversee the ongoing relief and rehabilitation efforts. He also led the distribution of relief assistance to evacuees in those areas.

According to the National Disaster Risk Reduction Management Council (NDRRMC) more than 900 people were killed in the flashfloods in Region 10 brought about by Typhoon Sendong. Scores of people were also missing, the agency said.

By PNA




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