The Philippines has one of the most dynamic economies in the East Asia Pacific region. It has nearly doubled GDP per capita over the past two decades.
But the Philippines’ high exposure to natural hazards poses a major threat to its people and economic growth.
These events inflict large costs on the economy, which are borne disproportionately by the poor and vulnerable.
From 2010 to 2019 the damage due to extreme events amounted to 9.3 billion US dollars- around one percent of GDP.
ABOUT THE GLOBAL FACILITY FOR DISASTER REDUCTION AND RECOVERY (GFDRR) is a global partnership that helps low- and lower-middle-income countries better understand and reduce their vulnerabilities to natural hazards and adapt to climate change. GFDRR provides grant financing, technical assistance, training and knowledge sharing activities to mainstream disaster and climate risk management in national and regional policies, strategies, and investment plans. The Program Management Unit, located within the World Bank, manages www.gfdrr.org grant resources to carry out GFDRR’s mission.
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