Recto, in a statement, emphasized that “we have adequate funds in the National Treasury to quickly deliver more critical services and fund post-disaster emergency response, recovery and reconstruction efforts."
“Ginagawa po namin ang lahat para masigurong mayroon tayong sapat na pondo para matulungan ang lahat na makabangon (We are doing everything to ensure that we have sufficient funds to help everyone recover). Together, we will quickly rebuild and regain what we have lost,” Recto said.
He noted that the government will also enhance local government units’ (LGU) disaster preparedness and response efforts.
Available funds
Funds available under the 2024 General Appropriations Act (GAA) include the National Disaster Risk Reduction and Management Fund (NDRRMF) and the Quick Response Fund (QRF), designated for repairing damaged infrastructure, roads, and essential public services, the Department of Finance (DOF) said in the statement.
Additional financing sources include unprogrammed funds, a $500-million standby credit line, and post-disaster standby facilities from the World Bank and Japan, all of which can be accessed instantly as needed, it added.
Reconstruction
To support repair and reconstruction of public schools, the Bureau of the Treasury (BTr) is prepared to activate the National Indemnity Insurance Program.
Meanwhile, the Bureau of Internal Revenue (BIR) has extended tax payment deadlines until Oct. 31, 2024, for taxpayers severely impacted by the typhoon.
The Bureau of Customs (BOC), for its part, is assessing forfeited goods to donate essential items to affected communities.
The Social Security System (SSS), Government Service Insurance System (GSIS), and Land Bank of the Philippines are providing loans and financial assistance to typhoon-affected individuals, cooperatives, and MSMEs to aid in immediate recovery and rebuild livelihoods, the DOF said.
