House backs climate and disaster risk financing partnership 

A man walks through a mud-covered cornfield in Tuguegarao after heavy flooding due to Typhoon Ulysses, Nov. 19, 2020. — PHILIPPINE STAR/ MICHAEL VARCAS

THE House of Representatives has adopted a resolution supporting the creation of a multi-actor partnership to enhance climate and disaster risk financing in the Philippines, a country prone to loss and damage from natural disasters.

Under the resolution adopted on Wednesday, the multi-actor partnership on climate and disaster risk financing and insurance (CDRFI) mechanism will involve government agencies and other stakeholders to “initiate the necessary discussion and exchange of ideas on climate-related hazards.”

“CDRFI creates the space to minimize and respond to the impacts of disasters and to build back better by ensuring that necessary resources are available to respond and recover from potential losses,” read House Resolution No. 1264.

It also said that the mechanism also considers financial assistance to micro, small, and medium enterprises (MSMEs) affected by crises or disasters.

Mami Mizutori, special representative of the United Nations (UN) Secretary-General for Disaster Risk Reduction, said last month that allocating $1 (about P55.80) for prevention can actually save up to $15 (P837) for response and recovery.

“When you think of policies about disasters, most people still think about response and recovery because that’s what we need to do when a disaster strikes. But what we know is that’s not good enough anymore,” Ms. Mizutori said in a news briefing.

The Philippine economy may lose up to $124 billion (P6.9 trillion) until 2050 due to strong storms and water-related disasters like floods and droughts, research firm GHD said last year.

Climate change could cut the Philippines’ economic output by 13.6% by 2040, the World Bank said in a 2022 report. – Beatriz Marie D. Cruz

Arjay Balinbin

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