Philippines gets $500m World Bank credit to reduce disaster risk

The Philippines will receive $500 million from the World Bank to support its efforts to manage risks posed by natural disasters.

In a statement, the World Bank said that the credit will be available for the Southeast Asian country if its president declares a state of calamity.

It is the second time the bank has provided the financing option to the Philippines, which is the first country in the region to use the credit.

World Bank Country Director Motoo Konishi said: "If not managed well, disasters can roll back years of development gains and plunge millions of people into poverty,".

The Philippines is regularly hit by typhoons, earthquakes and volcanic eruptions, with more than 1,000 people killed every year on average.

Haiyan killed more than 6,300 people in 2013 and left 1.4 million homeless.