The ADB granted the Philippines a first tranche of $500 million in September 2020, making this the “Second Disaster Resilience Improvement Programme”.

The multi-year loan is designed to ensure funds can be disbursed immediately after a disaster triggered by a natural hazard and the declaration of a state of emergency.

Around 60 per cent of the country’s land area is exposed to multiple hazards, with nearly three-quarters of the population of around 120 million living under threat of a disaster.

AFP