Gov’t financial institutions to extend aid to quake-hit areas

By Anna Leah Gonzales, Philippine News Agency

This covers the prompt activation of calamity assistance packages such as cash aid, concessional loans, deferred payment schemes, and service subsidies. (photo Cebu People’s Action Center/facebook)

MANILA – Finance Secretary Ralph Recto said the Department of Finance (DOF), government financial institutions (GFIs), and government-owned and controlled corporations (GOCCs) under its supervision will quickly extend much-needed aid to the victims of the recent 6.9 magnitude earthquake in Cebu.

In a statement late Wednesday, the DOF said resources are ready to be activated under the national government’s Quick Response Fund (QRF) and the National Disaster Risk Reduction and Management Fund (NDRRMF) to provide urgent relief and recovery operations as well as support the repair of damaged facilities, infrastructure, and heritage sites.

Recto issued a circular ordering GFIs and GOCCs to expedite the mobilization of ground support and faster rollout of services to the public in the aftermath of natural calamities.

This covers the prompt activation of calamity assistance packages such as cash aid, concessional loans, deferred payment schemes, and service subsidies.

They are also instructed to fast track the processing of insurance claims for damaged properties, assist borrowers in affected areas, and provide short-term loans for the repair of homes and the recovery of livelihoods.

GFIs and GOCCs are likewise ordered to ensure the continuity of essential financial services by keeping branches operational, automated teller machines (ATMs) functional, and other service channels available to the public.

“Our goal is to make sure that when calamity strikes, the GFIs and GOCCs respond without delay. They must also be the first responders to restore essential public services and work hand in hand with the government to help our people recover faster,” Recto said.

Recto said the Social Security System earlier assured that it is ready to provide PHP10 billion to PHP15 billion under its Calamity Loan Program for 2025 to disaster-stricken members.

The Government Service Insurance System is also extending financial assistance to disaster-stricken Filipinos through its calamity and emergency loans.

Pag-IBIG members in the affected areas will also be eligible for calamity loans, while those with mortgaged houses can file for insurance claims.

For minor repairs, members can access short-term improvement loans.

The Land Bank of the Philippines will also facilitate quick access to salary loans for employees of government agencies and private companies with LandBank payrolls.

Recto said as part of the country’s Disaster Risk Finance strategy, the Bureau of the Treasury is ready to file a claim under the National Indemnity Insurance Program for the repair and rehabilitation of public schools damaged by the earthquake.

The DOF will likewise continue capacitating local government units to strengthen disaster preparedness and climate resilience through the People’s Survival Fund, which has already approved 24 adaptation projects and project development grants nationwide worth PHP1.421 billion.