Finance Secretary Ralph G. Recto has assured the public that the national government has sufficient funds ready and available to quickly finance the relief and rehabilitation of areas affected by Typhoon Kristine and further capacitate local government units’ (LGU) disaster preparedness and response efforts.

“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,” the Finance Chief said. 

“Ginagawa po namin ang lahat para masigurong mayroon tayong sapat na pondo para matulungan ang lahat na makabangon. Together, we will quickly rebuild and regain what we have lost. And to prevent damages moving forward, we will further strengthen the capacity of our LGUs to improve their respective disaster preparedness and response efforts,” he added.

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.

All of these will be used for the reconstruction, rehabilitation, or repair of damaged roads, bridges, and buildings, among others, after every calamity. 

The funds will also be utilized 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. 

Moreover, among the additional funds that the DOF can readily tap are unprogrammed funds; the USD 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These additional funds will be immediately withdrawn and released once the national government decides to access them.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.

On top of these, the DOF will 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, to support taxpayers severely affected by the typhoon, the Bureau of Internal Revenue (BIR) has extended the deadline until October 31, 2024 for the payments and submission of other reportorial requirements in selected Regional District Offices (RDOs).

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.

In addition, 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 (LANDBANK) will likewise facilitate quick access to salary loans for employees of government agencies and private companies with LANDBANK payrolls.

Moreover, it will provide financial support to cooperatives; micro, small, and medium enterprises (MSMEs); corporations, and electric distribution utilities for immediate working capital and disaster recovery.