MANILA, Philippines - The government will hold a pledging session for lending agencies and donors to aid in the reconstruction of storm-ravaged Eastern Visayas.
Budget Secretary Florencio Abad said the administration is preparing for a pledging session to drum up support for massive relief and reconstruction efforts.
The Philippines faces a mammoth rebuilding task after Super Typhoon Yolanda ravaged the Visayas region, killing thousands with major damage to crops, homes, buildings and infrastructure.
“We’re thinking of holding a pledging session to take advantage of overwhelming support from the international community. We want to talk to donors, tell them what we need,†Abad said.
Finance Secretary Cesar Purisima said the government is arranging a meeting with the country’s development partners from the US, Japan, European Union and Australia to help rebuild the Philippines.
As of Monday, more than $270 million in foreign aid has been donated to help the victims of Yolanda.
The government has established a website called the Foreign Aid Transparency Hub (FAiTH) which allows the public to track funds given by foreign donors.
The government, led by the National Economic and Development Authority, is carving out a rebuilding plan for the badly affected regions, which include Tacloban and Ormoc in Leyte, and Eastern Samar.
Abad said rehabilitation will take three to five years to complete.
The government estimated damage to infrastructure and agriculture at about P10 billion, mostly in the farming sector. Abad said the government is now assessing the damage to have a clear picture of the funds it would need to rebuild the areas crippled by the powerful storm.
Asked if reconstruction would have an impact on government spending, Abad said: “We need to make investments, not just mitigate losses.â€
Multilateral agencies and lending institutions had pledged a combination of loans, grants and technical assistance.
The World Bank and Asian Development Bank are finalizing a combined $1-billion emergency loan to the Philippines.
The reconstruction plan, to be presented to President Aquino in the next two weeks, will focus on immediate and near-term actions needed to rebuild facilities, restore social services and revive economic activities.
Using the emergency loans would keep the Philippines from tapping into the commercial debt market, which imposes higher interest rates than emergency loans.