Stronger World Bank disaster aid sought

MANILA, Philippines — The Philippines has called for more timely and concrete support from the World Bank, particularly in strengthening crisis preparedness and disaster response, the Department of Finance (DOF) said.

This includes ensuring the sustained rollout of disaster risk financing programs that allow the country to quickly access funds during emergencies, the DOF statement said.

Finance Secretary Frederick Go urged the World Bank to “streamline its processes for faster approval of crisis-related assistance, enabling the government to respond more quickly when disasters or economic shocks occur.”

He noted that escalating global uncertainties, such as elevated oil prices triggered by geopolitical tensions, can increase the cost of goods, slowing investments and straining government resources.

According to the multilateral lender’s annual report, the Philippines is among the World Bank’s top borrowers under fiscal year 2025, borrowing $2.86 billion.