Typhoon Yolanda brought about severe damages to numerous provinces, ruined the livelihood of approximately 10 million people, and even claimed more than 10,000 lives. Following this tragic event, ADB and World Bank extended their financial assistance and offered a total amount of US$1 billion. However, this isn’t the most appropriate thing to do right now because, it will just add up to the burden of many Filipinos—many of us, including the victims of Yolanda, have to shoulder this billion-dollar debt. This kind of offer may seem benevolent at first glance, but if you will try to look at it critically, you will realize that this is just another form of exploitation of the country’s (specifically the city of Tacloban) impoverished condition. The ADB and the World Bank should stop profiting from the loan interests that they will be gaining from the loans that they will be offering to the Philippines.
Some view this natural catastrophe as an adverse effect of climate change. In fact, what must be happening right now is that the developed countries (Annex 1 countries) will be the ones to finance the costs of climate change response in developing countries (including the Philippines), because, it should be their responsibility from the very start—it was stated in UNFCCC and in reality, most of the greenhouse gas emissions come from them. However, despite all these, the sad reality is that even though the developing ones were the least contributors to this kind of environmental hazard, they were the most aggravated whenever natural disasters (such as Yolanda) occur.