Philippine president inks law for supplemental budget for disaster-hit area

Philippine President Benigno Aquino III has approved the 14.6-billion-peso (328.9 million U.S. dollars) supplemental budget for 2014 to fund the disaster-hit areas in the country last year, a senior government official said Thursday.

The fund will be used for relief and rehabilitation services in areas affected by disasters and calamities, both natural and man- made, said Presidential Communications Operations Office head Herminio Coloma Jr. at a regular press briefing in Malacanang, the presidential palace.

Among the disasters mentioned in the Republic Act 10634 signed by President Aquino were the Zamboanga City standoff between the government troops and the faction of the Moro National Liberation Front under Nur Misuari last September, the magnitude 7.2 earthquake in central provinces of Bohol and Cebu last October and the super typhoon Haiyan, locally known as Yolanda, that struck central Philippines last November.

Coloma said that the Department of Budget and Management was tasked to release the fund directly to the appropriate government agencies with the approval of the president.

Coloma said the massive reconstructions efforts this year is expected to contribute to the country's growing economy despite concerns that the full effects of typhoon Yolanda would impact on the economy this year.