CEO Morning Brief

Philippines Places Flooded Capital Under State of Calamity

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Publish date: Thu, 25 Jul 2024, 09:39 AM
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TheEdge CEO Morning Brief

(July 24): The Philippines placed its capital region under a state of calamity on Wednesday, as monsoon rains intensified by Typhoon Gaemi submerged swathes of the key economic area and triggered evacuations.

A council of Metro Manila mayors approved the declaration that will facilitate the prompt release of relief funds, based on proceedings streamed by the agency overseeing the region. President Ferdinand Marcos Jr also suspended work in government offices and school classes on Thursday, Executive Secretary Lucas Bersamin said in a statement.

A price freeze on basic necessities in Metro Manila takes effect immediately “to protect consumers from unjust price increases during this time of crisis,” Trade Secretary Alfredo Pascual said in a statement after the mayors’ declaration.

The decision was made as torrential rains continued to batter the capital, which has a population of more than 13 million and accounts for a third of the country’s economic output. At least four people were killed in a landslide south of Manila amid heavy rains that forced hundreds of thousands to flee their homes in the typhoon-prone Southeast Asian nation.

Floodwaters raged in some parts of the capital region, destroying homes and prompting calls for rescue on social media. Marikina, a flood-prone city in the region, implemented forced evacuations after the river in the area swelled, ABS-CBN News reported.

Roads in and leading to the capital were also deep in floods, with a local media report showing a bus nearly inundated with stranded passengers forced to go on top of the vehicle while awaiting rescue.

Offices, schools and financial markets were shut earlier in the day. Four areas in southern Philippines and south of the capital were also placed under a state of calamity, according to the disaster response agency.

The Philippines is ready to tap US$500 million (RM2.3 billion) of standby funds to finance relief and rehabilitation of typhoon-ravaged areas, the Department of Finance said in a statement. The nation is among the most vulnerable to climate-related weather events, hit by an average of 20 typhoons annually.

Source: TheEdge - 25 Jul 2024

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