Finance Secretary Ralph G. Recto has assured the public that the Department of Finance (DOF) as well as government financial institutions (GFIs) and government-owned and controlled corporations (GOCCs) under its supervision will quickly extend much-needed aid to the victims of the recent 6.9-magnitude earthquake in Cebu.
“Lubos po kaming nakikiisa at nakikiramay sa ating mga kababayan sa Cebu na biktima ng lindol. Handa po ang DOF at ang ating mga GFIs at GOCCs na magbigay ng agarang tulong, at ang buong gobyerno ay agad na kikilos para tiyakin na tayong lahat ay muling babangon bilang isang bansa,” Secretary Recto said.
“We assure the Filipino people that we have more than enough funds to support the victims, lalo na ang ating mga magsasaka, manggagawa, estudyante, at bawat pamilyang Pilipino na apektado ng trahedya,” he added.
Resources are ready to be activated under the national government’s Quick Response Fund (QRF) and the National Disaster Risk Reduction and Management Fund (NDRRMF) to provide urgent relief and recovery operations as well as support the repair of damaged facilities, infrastructure, and heritage sites.
Through a circular, Secretary Recto has ordered GFIs and GOCCs to expedite the mobilization of ground support and faster roll-out of services to the public in the aftermath of natural calamities.
This covers the prompt activation of calamity assistance packages such as cash aid, concessional loans, deferred payment schemes, and service subsidies.
They are also instructed to fast-track the processing of insurance claims for damaged properties, assist borrowers in affected areas, and provide short-term loans for the repair of homes and the recovery of livelihoods.
At the same time, they must ensure the continuity of essential financial services by keeping branches operational, ATMs functional, and other service channels available to the public.
“Our goal is to make sure that when calamity strikes, the GFIs and GOCCs respond without delay. They must also be the first responders to restore essential public services and work hand in hand with the government to help our people recover faster,” he said.
In line with this, the Social Security System (SSS) is ready to provide PHP 10 billion to PHP 15 billion under its Calamity Loan Program for 2025 to disaster-stricken members.
Just recently, Secretary Recto, who is the ex officio Chair of the Social Security Commission (SSC), approved a lower annual interest rate of only 7% and a quicker activation period of just seven days under the program to deliver swift financial relief to affected Filipinos in calamity-declared areas.
The Government Service Insurance System (GSIS) is also extending financial assistance to disaster-stricken Filipinos through its calamity and emergency loans.
Pag-IBIG members in the affected areas may also avail of calamity loans, while those with mortgaged houses can file for insurance claims. For minor repairs, members can access short-term improvement loans.
The Land Bank of the Philippines (LANDBANK) will likewise facilitate quick access to salary loans for employees of government agencies and private companies with LANDBANK payrolls.
As part of the country’s Disaster Risk Finance strategy, the Bureau of the Treasury (BTr) is ready to file a claim under the National Indemnity Insurance Program (NIIP) for the repair and rehabilitation of public schools damaged by the earthquake.
At the same time, the DOF will continue capacitating local government units (LGUs) to strengthen disaster preparedness and climate resilience through the People’s Survival Fund (PSF), which has already approved 24 adaptation projects and project development grants nationwide worth PHP 1.421 billion.
