World Bank sees 2027 approval for $250-M disaster early-warning loan – BusinessWorld Online
A $250-MILLION LOAN for the Philippines to fund monitoring and early warning systems and scale up disaster risk management is expected to be approved by the board by 2027, the World Bank said.
The Technology-driven, Human-centered climate and disaster Resilience through Innovation for Vulnerable Empowerment (THRIVE) Project is targeted for approval by the bank’s board on Feb. 25 next year, according to a document uploaded to the bank’s website on Feb. 13.
The total project cost is $250 million, with the Department of Science and Technology (DoST) serving as the implementing agency.
The project seeks to “strengthen the country’s capacity for monitoring of natural hazards and improve risk information and early warning systems to better prepare for disaster and climate risks,” the World Bank said.
The Philippines tops the WorldRisk Index for vulnerability to disasters, with about 20 tropical storms each year.
The Philippine Institute of Volcanology and Seismology, the Philippine Atmospheric, Geophysical and Astronomical Services Administration, and the Advanced Science and Technology Institute will be the DoST agencies overseeing the project.
Elements of the project include “the modernization and rehabilitation of geophysical and hydrometeorological monitoring stations and supporting infrastructure.”
The World Bank added that the investments, particularly for the monitoring stations are likely to be placed in both urban and rural settings, which can pose social risks, given the possibility of setting up on indigenous land and ecologically sensitive zones, including protected areas and coastal regions. — Aubrey Rose A. Inosante
