Introduction
The Philippines is a disaster-prone country as it is located on the Pacific Ring of Fire and within the Western North Pacific basin, one of the basins where tropical cyclones are formed. Catastrophic typhoons like Haiyan (Yolanda) in 2013, Bopha (Pablo) in 2012, and Ketsana (Ondoy) in 2009, and earthquakes like the Bohol and Surigao earthquakes in 2013 and 2017 respectively hit the country in this decade alone.
With the expected continuation of rapid urban growth in the cities as well as the impacts of climate change on the frequency and intensity of extreme weather events, future disaster losses could be significantly higher than recently experienced.
Rapid availability of financing to support early recovery activities in the weeks and months immediately after a disaster is critical to begin the restoration of essential services and basic functioning of infrastructure.
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