PH loses ₱506B due to climate-related hazards


In a ten-year period, the Philippines has lost more than ₱500 billion due to typhoons, according to the Department of Finance (DoF).


MANILA, Philippines Climate-related hazards have caused ₱506.1 billion (around $10 billion) in losses and damages to the Philippines over the past decade, from 2010 to 2020, the DOF revealed.

“Located in the typhoon belt and the Pacific Ring of Fire, the Philippines constantly experiences unavoidable losses and damage amounting to 0.5 percent of its annual GDP primarily from an increasingly unpredictable climate,” the DoF said.

The Bureau of Treasury (BTr) in its preliminary 2022 fiscal risk statement said the country recorded ₱74.75 billion of damage from disasters last year, including those caused by three consecutive typhoons.

Estimated economic losses stood at ₱35.74 billion in 2020.

Annual average losses of ₱48.9 billion from climate events represent 0.33 percent of each year’s average gross domestic product (GDP).

“The Philippines is struck by around 20 tropical cyclones every year and an almost daily occurrence of seismic shocks,” the DoF further noted.

In 2019, Typhoon Tisoy alone caused a total of ₱6.6 billion in damage to infrastructure (₱2.9 billion) and agriculture (₱3.7 billion).

This week, Finance Secretary Carlos Dominguez III will lead the Philippine delegation at the 26th United Nations Climate Change Conference of the Parties (COP26) in Glasgow, Scotland.

“This is the 26th time that the COP will be meeting. Yet, little action has been taken. Nothing would please us more than seeing the countries that emitted and continue to emit the most greenhouse gasses to accept the responsibility of financing the transition to carbon neutrality,” Dominguez has lamented.

He said the delegation will also present the Philippines’ newly released sustainable finance roadmap to policy makers at the COP26. (JD/Headline PH)


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