MANILA - France is lending the Philippines 250 million euros or around P14 billion to aid the country's disaster risk response, the Department of Finance said on Monday.
The DOF said Agence Française de Développement (AFD) or French Development Agency signed the loan, which covers disaster risk reduction at the local level, as well as disaster preparedness and response.
The program seeks to support LGUs in a sustainable trajectory, as well as build the resilience of local economies and communities, the DOF said.
"At the same time, this will limit any damage caused by disasters, reduce post-disaster emergency response time, and make the recovery period more effective," the DOF added.
Finance Secretary Carlos Dominguez said the loan highlights the strong partnership between the Philippines and France on mitigating the adverse effects of climate change.
"This will complement our move to shift our focus from theorizing about global warming to executing practical climate adaptation and mitigation projects on the ground," Dominguez said.
French Ambassador Michèle Boccoz that through the AFD, France is truly keen to support the Philippines implement strategic reforms towards climate change mitigation and adaptation, including disaster risk governance at the local level.
"The ambition is high and France will stand alongside the Philippines to help fulfill these goals,” said Boccoz.
The Philippines is one of the countries most at-risk from climate change, as it is visited by several strong typhoons each year.