The World Bank is extending the closing date of its $309.5-million Philippines Seismic Risk Reduction and Resilience Project by six months after implementation delays left the project rated “moderately unsatisfactory.” In a restructuring paper dated June 8, the World Bank said the project’s closing date would be extended to Dec. 31 from June 30.
The project, aimed at strengthening infrastructure and early warning systems against earthquakes, has faced setbacks in procurement and staffing, according to the restructuring document. The extension provides additional time to complete key activities and address these bottlenecks.
The Philippines, located in the Pacific Ring of Fire, is highly vulnerable to earthquakes. The World Bank’s continued support for resilience projects underscores the importance of disaster risk reduction in the region. The extended timeline allows for more effective implementation of the remaining components.