Bacolod Rep. Alfredo Abelardo Benitez has filed a bill seeking the creation of a disaster risk and financing insurance strategy with an initial funding of P20 billion for the repair and rehabilitation of calamity-hit public infrastructure.
In filing House Bill (HB) No. 5202 or the Public Infrastructure Financing and Insurance Bill, Benitez said such should be prioritized since delays result in significant direct and indirect social and economic costs, considering the constant exposure of public works to the worsening climate.
“The recent spate of earthquakes and typhoons has put the spotlight on the need to ensure that our infrastructures are well-maintained, made more resilient, and speedily repaired or rehabilitated,” he said in a statement Monday, Oct. 20.
HB 5202 mandates the development of a Disaster Risk and Financing Insurance Strategy that would access state, non-state, and global sources and employ both insurance and non-insurance financing mechanisms.
Along with it, the National Disaster Response for Infrastructure Fund with an initial P20-billion allocation would also be set up for the repair, reconstruction, rehabilitation or disaster mitigation of public structures, such as schools, hospitals and government offices.
The allocation would also cover similar purposes for roads and bridges, seaports and airports, railways, power generation and transmission structures, and water resource management and supply structures.*