Prevention is better than cure: LBP Action to Address Climate Change Disasters in the Philippines

CECILIA C. BORROMEO
President and CEO
Land Bank of the Philippines

Because of its geographical location, the Philippines is subjected to floods, droughts, typhoons, landslides, earthquakes, and volcanic eruptions yearly. According to the most recent World Risk Index report, it has the highest disaster risk profile in the world. On average, 20 typhoons go through it each year, and from 2006 to 2016, 99 made landfall in the Philippines, including the super typhoon Yolanda (Haiyan) in 2013. As a result of these disasters, the country lost P290 billion ($5.9 billion) in production and damage from 2010 to 2019. Landbank’s projects include the Green Climate Fund (GCF), partnerships with UNICEF, and financial support to key players because they believe that “prevention is better than cure.”

 

The Multi-Hazard Impact-Based Forecasting and Early Warning System was one of the first GCF-financed projects in the Philippines, and it used LANDBANK’s Prepaid Cards to distribute cash aid to Conditional Cash Transfer Program beneficiaries before a Category 4 or 5 typhoon even hit. Another eight projects are awaiting GCF approval.

It also has a P20 billion Renewable Energy Program, which funds farming technologies, systems, facilities, and equipment to assist farmers and fishermen in maintaining and improving their output. They also help finance climate-resilient farm-to-market roads, as well as facilities and equipment that help to prevent harvest and post-harvest losses during typhoons or heavy rains. To reduce air pollution, Landbank has also granted loans totaling P5.9 billion, which is equivalent to 2,544 modern public utility vehicles (PUVs) that meet European emission standards. Air conditioning, Wi-Fi, CCTV cameras, and contactless payment systems are also available in these vehicles.
Watch the full speech on ADFIAP DevTalks: https://youtu.be/q3de0-1P_D0

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