Enhancing disaster resilience through finance-based forecasting
The Philippines is one of the most at-risk countries that continue to experience extreme and slow onset events due to its geographical location and other related factors that contribute to the vulnerability of communities. Various approaches such as Forecast-based Financing (FbF) and Early Warning Early Action (EWEA) helps promote disaster resilience and reducing risks.
FbF is an institutional mechanism that enhances EWEA and sets up an automatic system that triggers and funds preparedness actions before a disaster strikes. EWEA is an approach that translates warnings into anticipatory actions to reduce the impact of specific disaster events. It focuses on consolidating available forecasting information and putting plans in place to make sure FAO acts when a warning is at hand.
The FbF mechanism was piloted in Africa in 2008. Since then, the approach has been pilot-tested and implemented in various countries globally.
To assess the status and gaps in the overall implementation of FbF in the Philippines, WFP, FAO, the Philippine Red Cross (PRC), and START Network partnered to conduct the 5th National Dialogue Platform on Forecast-based Financing, which was held from 6 to 7 November in Tagaytay City, Cavite.
The forum also featured the latest developments in FbF and how these contributed to the further testing and scaling of FbF, and defined the way forward for all stakeholders and initiated development of a roadmap for FbF in the country.
At the opening of the event, Ms Isabelle Lacson, Programme Manager of WFP Philippines, recognized the importance of FbF as a tool for SDG 2 (Zero Hunger) and that “FbF in the Philippine context contributes and promotes community resiliency and strengthening anticipatory action.” She added that WFP is committed in supporting the institutionalization of FbF at national and local levels.
Ms. Maria Ruzzella Quilla, National Project Development and Coordination Specialist of FAO Philippines, said “FbF is especially useful for a country such as the Philippines where 8 out of every 10 people who are considered food insecure are from disaster-vulnerable communities that rely on crops, livestock, fisheries and forestry assets.”
“FAO supports changing the way disasters are managed. We strongly believe that approaches such as FbF and EWEA will be crucial in mitigating risks and in preparing Filipinos for disasters. They can protect and empower the most vulnerable and give them the capacity and flexibility to keep going and to resume their livelihoods shortly after a disaster,” she added.
At the end of the 2-day event, participants and representatives of the various partner organizations agreed to the following actions: (1) FAO will continue to support FbF initiatives and proactively participate in the Technical Working Group of the FbF; (2) the Philippine Red Cross will open an FbF online repository and make it accessible to all FbF practitioners for information sharing; (3) the German Red Cross will continue to collaborate in FbF initiatives; (4) the Climate Change Commission assures that when funding from the Green Climate Fund for FbF is approved, collaboration among government agencies on FbF will be initiated; and (5) the DILG, through Director Allan Tabell, that all recommendations gathered during the workshop will be brought to the National Disaster Risk Reduction and Management Council (NDRRMC) for integration into its national disaster resilience plan.