President Ferdinand “Bongbong” Marcos Jr. shared on Wednesday that the Quick Response Fund (QRF) is running low because of the recent typhoons that struck the Philippines.
“We’ve had so many storms that our QRF has been used up,” Marcos said during a speech in Legazpi City, Albay. “So, we set aside more money to refill the QRF. This way, we can continue helping local governments and those in need.”
In 2024, the government has special funds under the National Disaster Risk Reduction and Management Fund (NDRRMF) and the QRF to support disaster relief. A total of 7.925 billion pesos was allocated to the QRF, with 1 billion pesos specifically for the Department of Agriculture.
Finance Secretary Ralph Recto explained that if more money is needed, there are additional resources, such as an emergency credit line, funds from the World Bank, and standby financing from Japan, which can be used if the government decides.
The Department of Budget and Management (DBM) said they will refill the QRF once it reaches 50% of its balance. They are also considering other funds, like the Contingent Fund, to ensure continued support for areas affected by disasters.
