The Market Monitor Minding the Nation's Business
A lawmaker proposed recently a multi-year Bicol Rehabilitation and Recovery Fund (BRRF) with an initial allocation of P20 billion for 2025 to aid in the rebuilding of communities in Bicol ravaged by Severe Tropical Storm Kristine (international name Trami).
In a statement, Camarines Sur Rep. Luis Raymund Villafuerte Jr. suggested that the BRRF could help revive the long-defunct Bicol River Basin Development Program (BRBDP) to address frequent flooding, an initiative which President Ferdinand Marcos Jr. has prioritized for review.
“Given the worse-than-expected damage inflicted by Kristine, especially in CamSur where most barangays were submerged for the first time ever in above-head or roof-level floods, a special rehabilitation and recovery program and funding is crucial for putting Bicol back on its feet soon enough,” Villafuerte said.
He called on the Senate to identify funding sources as discussions on the 2025 budget bill are set to begin next week.
“Our senators could realign funds or find new sources for this proposed BRRF once they take up the House-approved national budget bill when the 19th Congress reopens next week,” he added.
Villafuerte noted that the House of Representatives, led by Speaker Martin Romualdez, is ready to approve the funding proposal in the bicameral conference committee on the proposed 2025 national budget.
The proposed BRRF could also fund emergency infrastructure repairs, agricultural and fishery support, and medical aid, while addressing urgent shelter needs through the construction of climate-resilient evacuation centers.
He cited data from the Philippine Atmospheric, Geophysical and Astronomical Services Administration (PAGASA), revealing that Camarines Sur experienced record-breaking flooding last week as Kristine dumped 711 mm of rain in a single day, surpassing Typhoon Ondoy’s 455 mm record in 2009. Over three days, the province recorded a total of 931 mm of rainfall.