The Department of Finance assured the public that the government has sufficient funds to support relief and rehabilitation efforts in areas affected by Typhoon Kristine.
“Rest assured, we have adequate funds in the National Treasury to quickly deliver more critical services and fund post-disaster emergency response, recovery, and reconstruction efforts,” Finance Secretary Ralph Recto said over the weekend.
Recto said the government is doing its best to raise revenues and help communities recover from the impact of the typhoon.
“Together, we will quickly rebuild and regain what we have lost. And to prevent damage moving forward, we will further strengthen the capacity of our LGUs to improve their respective disaster preparedness and response efforts,” he said.
Under the General Appropriations Act (GAA) Act of 2024, the national government has funds available under the National Disaster Risk Reduction and Management Fund (NDRRMF) and the Quick Response Fund (QRF) to provide various disaster relief operations.
These funds are meant for the reconstruction, rehabilitation or repair of damaged roads, bridges and buildings, after every calamity.
The funds will also be used to deliver the immediate needs of affected communities through the provision of food packs, first aid and medicines, temporary shelters, emergency needs and other necessities.
The DOF said among the additional funds that the government could readily tap are unprogrammed funds; the $500-million standby credit line, a Rapid Response Option (RRO) facility and several contingent emergency response components from the World Bank; and a post-disaster standby financing from Japan.
These funds will be immediately withdrawn and released once the national government decides to access them.
As part of the country’s Disaster Risk Finance strategy, the Bureau of the Treasury (BTr) is also ready to file a claim under the National Indemnity Insurance Program (NIIP) for the repair and rehabilitation of public schools damaged by Typhoon Kristine.
The DOF said it would continue to capacitate LGUs’ disaster preparedness and response efforts as well as climate adaptation initiatives through the People’s Survival Fund (PSF).
Through the Bureau of Local Government Finance (BLGF), it will also push for more micro-insurance coverage for the vulnerable populations of the LGUs in the corridor of natural calamities year in and year out.
Meanwhile, The Bureau of Internal Revenue (BIR) said it extended the deadline until Oct. 31, 2024 for the payments and submission of other reportorial requirements in selected regional district offices (RDOs) to support taxpayers severely affected by the typhoon.
The Bureau of Customs (BOC) is also in the process of assessing its inventory of forfeited goods, food and agricultural products that are safe for donation to typhoon victims.
The Social Security System (SSS) and the Government Service Insurance System (GSIS) are extending financial assistance to typhoon-stricken Filipinos through their calamity and emergency loans.
The Land Bank of the Philippines will also facilitate quick access to salary loans for employees of government agencies and private companies with LandBank payrolls.
It will also provide financial support to cooperatives; micro, small, and medium enterprises (MSMEs); corporations, and electric distribution utilities for immediate working capital and disaster recovery.
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