Finance Secretary Ralph Recto secured the country’s position as the first to sign the Rapid Response Option (RRO) agreement with the World Bank Group (WBG).
RRO is part of the WBG’s Expanded Crisis Preparedness and Response Toolkit, which empowers client countries to deploy resources from their existing Bank portfolio more effectively to deliver a swift response when crises occur.
It allows countries in the event of an emergency to immediately access up to 10 percent of undisbursed and uncommitted balances in their portfolio with the International Bank for Reconstruction and Development (IBRD) or International Development Association (IDA) for response actions.
The flexible resource reallocation will provide the Philippine government with immediate liquidity to rapidly deliver critical services—such as healthcare, shelter, and food—in times of emergency.