Philippines needs big bucks after storms
The Philippines seeks $1 billion from international donors for reconstruction after the damage wreaked by two back-to-back major tropical storms, pointing to climate change’s growing impact on the country. President Gloria Macapagal Arroyo argues, “The underlying doctrine is that the Philippines is a victim of climate change, not a culprit.” More than 700 people died, 7 million more were affected and crops and fisheries damage totalled nearly $400 million. There was also some $100 million in damage to infrastructure. Havoc caused by the storms may shave 0.3 to 0.4 % from the Philippines’ GDP. The nation plans a donor conference soon, following a UN/World Bank damage assessment. The Philippines hopes for grants, concessional and commercial loans, and may issue special bonds to fund reconstruction. Maybe Eskom should come out and take a look as well?