PH loses $240.7 M yearly to climate-related disasters, says study
Weather and climate-related disasters cost the country an average of $240.7 million every year, according to a study reported by Inquirer.net yesterday. From 1990 to 2009, the Philippines lost a total of $4.813 billion in direct damage to property, livelihood and crops. This is according to a paper by Danilo C. Israel, a senior research fellow at the Philippine Institute for Development Studies.
However, Inquirer.net reports that the available secondary data on economic damage do not reflect indirect damage such as the price increase of goods and services that may arise from agricultural damage. "Even with just the current results, the (forms of) economic damage are clearly substantial and should be a cause of concern," Israel said.
To deal with the negative impact of natural disasters, Israel pointed out that lawmakers should prioritize the Pagasa Modernization Act that seeks to appropriate funds for new equipment for the weather bureau and training for its staff. "It would serve the country well if the overall disaster management during and after the actual event of disaster is greatly improved," Israel said. He also recommended cooperating with neighboring Asian countries because some disasters could have transboundary effects.
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