Connect with us

Hi, what are you looking for?


Philippines incurs over P500B in losses due to climate-related hazards

MUD-COVERED houses and trees are seen after a typhoon hit Balzain, Tuguegarao in November 2020. — PHILIPPINE STAR/ MICHAEL VARCAS

CLIMATE-RELATED hazards have caused P506.1 billion (around $10 billion) in losses and damage to the Philippines over the past decade, emphasizing the country’s vulnerability to the climate crisis, the Department of Finance (DoF) said.

This despite the Philippines contributing only 0.3% of the world’s total greenhouse gas (GHG) emissions, it added.

In a statement on Tuesday, the DoF said such climate-related hazards made up 98.2% of the country’s total P515.51-billion losses and damage from 2010 to 2020.

Annual average losses of P48.9 billion from climate events represent 0.33% of each year’s average gross domestic product (GDP).

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

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

Based on the preliminary 2022 fiscal risk statement from the Bureau of the Treasury, the country recorded P74.75 billion of damage from disasters last year, including those caused by three consecutive typhoons. Estimated economic losses stood at P35.74 billion in 2020.

In 2019, Typhoon Tisoy alone caused a total of P6.6 billion in damage to infrastructure (P2.9 billion) and agriculture (P3.7 billion).

Finance Secretary Carlos G. Dominguez III is leading the Philippine delegation at the 26th United Nations Climate Change Conference of the Parties (COP26) in Glasgow, Scotland this week.

“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,” Mr. Dominguez said last week.

The delegation will also present the Philippines’ newly released sustainable finance roadmap to policy makers at the COP26.

The Philippines has committed to reduce greenhouse gas emissions by 75% from 2020 to 2030. Of the 75% target, just 2.71% could be done through the country’s own resources while the remaining 72.29% is conditional on international assistance. — Jenina P. Ibanez

Your information is secure and your privacy is protected. By opting in you agree to receive emails from us. Remember that you can opt-out any time, we hate spam too!



A worker of Ayala Corp’s Integrated Micro-Electronics Inc. (IMI) solders an automotive computer component part at an electronics assembly line in Binan, Laguna south...


MARI GIMENEZ-UNSPLASH THE NATIONAL Government plans to borrow P200 billion from the domestic market in July, the Bureau of the Treasury (BTr) said on...


SCOTT GRAHAM-UNSPLASH PHILIPPINE PRESIDENT Rodrigo R. Duterte has signed an order updating the list of investment areas where foreign ownership is limited or barred....


ETIENNE GIRARDET-UNSPLASH WHOLESALE PRICES of building materials in Metro Manila jumped to their highest in more than a decade in May as construction activities...


MAYNILAD Water Services, Inc. targets to distribute starting in July up to 10 million liters per day (MLD) of its “new water” or treated...


SOLAR Philippines Power Project Holdings, Inc. was able to forge contracts for at least 60% of the 10 gigawatts (GW) of energy capacity that...

You May Also Like


BW FILE PHOTO GROSS BORROWINGS by the National Government reached P2.6 trillion as of end-September as it continued to raise funds to respond to...


REUTERS By Luz Wendy T. Noble, Reporter The country’s foreign exchange buffers slightly increased as of end-October as the value of the central bank’s...


COVID-19 has had a significant impact on the mental health of Filipinos across different groups all over the archipelago. From frontline workers, parents balancing...

Financial Advisors

The healthcare ecosystem is one that has thrived on the cusp of scientific progress, benefitting enormously from the winds of change in the technological...

Disclaimer: Respect, its managers, its employees, and assigns (collectively "The Company") do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

Copyright © 2022 Respect Investment. All Rights Reserved.