NEDA, DOF asked to account for disaster management loan from WB

 

 

By Rose de la Cruz

 

The Department of Finance and the National Economic and Development Authority were asked to fully account for the $500 million World Bank loan for disaster management following the 6.5 magnitude earthquake that rattled Mindanao last week.

 

Rep. Bernadette Herrera said "given the widespread damage from this month's earthquakes in Mindanao, it is proper for us in Congress to ask the National Economic and Development Authority (NEDA) and the Department of Finance (DOF) to fully account for the $500-million World Bank  “Disaster Risk Management Development Policy Loan” to the Philippines” obtained in 2015.

 

She is one of the authors of House Bill 3214 seeking the creation of the Department of Disaster Resilience

 

"I am aware that our country, through our Finance Department, is applying for a new $500-million loan again from the World Bank. The DoF should first report to Congress what they did with the 2015 loan. Policy loans usually run for several years. Dapat lang malaman ng publiko kung meron pa bang laman yung credit line ng World Bank. Marapat malaman din kung saan napunta at paano ginamit ang pautang na ‘yan,” Herrera said.

 

“Now that Congress is creating the DDR, it is but necessary for the NEDA and DOF to immediately account for this huge loan and prepare to share or turnover management of it with the DDR, which would be the rightful implementing agency,” the Bagong Henerasyon Party-list congresswoman added.

 

Herrera said Congress and the public must know “how much is left of the $500 million, how the loan has been spent and whether that spending has been wise and in the public interest. It cannot be that only the technical staff of these agencies are aware of what has happened to the $500 million.”

 

“Looking into the future, we urgently need to create a Department of Disaster Resilience which will receive annual appropriations that shall put enforcement teeth to our government’s disaster risk mitigation efforts and boost our government’s capacity for a self-reliant post-disaster management and rehabilitation,” Herrera said.

 

 

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