Finance Secretary Ralph Recto assured that the country’s financial agencies are prepared to provide financial assistance to victims of the magnitude 6.9 earthquake that struck Cebu.
In a statement released Wednesday, October 1, Recto said the Department of Finance (DOF), together with government financial institutions (GFIs) and government-owned and controlled corporations (GOCCs), will lead efforts to extend support to affected communities.
“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,” he said.
Recto also guaranteed that the government has sufficient funds to meet the needs of quake-affected Filipinos.
“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,” Recto added.
He noted that immediate assistance will be drawn from the government’s Quick Response Fund (QRF) and the National Disaster Risk Reduction and Management Fund (NDRRMF).
Through a circular, Recto directed GFIs and GOCCs to accelerate the mobilization of ground support in the aftermath of the calamity. This includes faster processing of insurance claims for damaged property, assistance to affected areas, and short-term loans to help restore equipment and livelihoods.
“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,” Recto said.
The Finance Secretary also revealed that the Social Security System (SSS) is ready to release between ₱10 billion to ₱15 billion under its Calamity Loan Program.