Hanoi (VNA) - The World Bank (WB) said on April 10 that its Board ofExecutive Directors had approved 500 million USD policy loan to help strengthenthe Philippine government's capacity to address disaster risks, respond to andrecover from natural disasters, as well as support urgent needs created by theCOVID-19 crisis.

The World Bank said the financing is part of its long-standing support to thePhilippines' broader policy reform efforts to boost its resilience andcapability to prepare for and recover from disasters.

Previously, the WB provided the country with two risk management development policyloans in 2012 and 2015.

According to the WB, the loan will support key policy reforms being undertakenby the government in the area of disaster risk management.

It will also support the government's promotion of integrated hazard and riskanalysis in physical planning, and in support of policy development; and thedevelopment of multi-year investment plans for seismic risk reduction andretrofitting of important government buildings; and the implementation of anemergency cash transfer programme during shocks, the bank said.

The Philippines is one of the most hazard-prone countries in the world. Inaddition to these natural hazards, the country is now facing the impacts of theglobal outbreak of the COVID-19./.