PH seeks WB financing for quake resilience, agrarian reform projects
The Philippines is turning to the World Bank to finance an earthquake-resiliency project as well as subdividing collective land titles distributed to agrarian reform beneficiaries, both eyed for approval by the Washington-based lender’s board next year.
World Bank documents showed that the Department of Public Works and Highways is seeking investment project financing for the $300-million Philippines Seismic Risk Reduction and Resilience Project.
The project is aimed at enhancing not only the DPWH’s disaster-response capacity but also the safety and seismic resilience of up to 500 public buildings in Metro Manila by retrofitting them.
“Metro Manila is transected by numerous earthquake generators, among which the active Valley Fault System is projected to potentially cause the largest impact on the Greater Metro Manila area (where the) Risk Assessment Program projected the potential effects of a magnitude 7.2 earthquake on the West Valley Fault to include an estimated 48,000 fatalities, $48 billion in economic losses, and catastrophic impact on government continuity and service provision,” the WB noted.
Meanwhile, the Department of Finance, on behalf of the Department of Agrarian Reform, wanted to secure from the WB a separate investment project financing for the $537-million Support to Parcelization of Lands for Individual Titling Project.
Under the proposal, the World Bank will shoulder $300 million while the Philippine government will finance the rest.
“This project supports the Comprehensive Agrarian Reform Program, which awards lands to agrarian reform beneficiaries through parcelization of collective certificates of land ownership awards (CLOAs) or titles. Through the issuance of individual CLOAs, farmers will gain clarity and legal proof of the land they own and occupy. This security will encourage investment in agriculture productivity and once they have occupied the land for 10 years and paid the land amortization (repayment to the government for the land), they have the freedom to sell, lease out or otherwise transfer the land they have invested in,” the WB said.
