Marcos: Tropical cyclones depleted Quick Response Fund

President Ferdinand ''Bongbong'' Marcos Jr. said Wednesday that the Quick Response Fund has been depleted due to the tropical cyclones that hit the country.

''Ang QRF natin ang katotohanan diyan dahil sa dami ng bagyo ay naubos na. Kaya’t ang ginawa natin ay nagtabi ulit tayo ng pondo para mabigyan ulit, malagyan na naman natin ng laman ang QRF natin para sa mga local governments at sa inyong mga pangangailangan,'' Marcos said in a speech in Legazpi City, Albay.

(Our QRF has already been depleted because of the tropical cyclones. What we did was we allotted additional funds for the QRF so we can provide for our local governments and to those in need.)

Under the General Appropriations Act of 2024, the national government has funds available under the National Disaster Risk Reduction and Management Fund (NDRRMF) and the Quick Response Fund (QRF) to provide various disaster relief operations.

The QRF was allocated P7.925 billion under the 2024 General Appropriations Act (GAA). Of that amount, P1 billion was allotted for the Department of Agriculture - Office of the Secretary.

Earlier, Finance Secretary Ralph Recto said among the additional funds that the Department of Finance can readily tap are the unprogrammed funds, the $500 million standby credit line, a Rapid Response Option (RRO) facility, several contingent emergency response components from the World Bank, and post-disaster standby financing from Japan.

These additional funds will be immediately withdrawn and released once the national government decides to access them, Recto said. 

Meanwhile, the Department of Budget and Management said Marcos is pertaining to QRF replenishment.

''Under the 2024 GAA, the existing NDRRMF balance can still be used to replenish agency QRF (when agency QRF reaches 50%) to fund the immediate needs of disaster-stricken localities,'' the DBM told Palace reporters.

''But with the limited NDRRMF balance, the DBM is looking to tap other sources of funds to support the continued relief and rehabilitation of vulnerable areas,'' it added.

The DBM said other funds which can be tapped to augment the replenished QRFs are the Contingent Fund, as well as available funds from the regular budget of various departments.—RF, GMA Integrated News