Rapid Economic and Credit Overview for Early Recovery Bank Typhoon...4 Rapid ECOnOmiC and CREdiT Ov ERviEw fOR EaRly RECOv y 5 Super Typhoon Yolanda struck the Philippines on 8 November

Rapid Economic and Credit Overview for Early Recovery Super Typhoon yolanda philippineS

reSponSe – region 6/7 (iloilo and Cebu)

executive Summary ...............................................................................................................................................................................................4

1. emergency Context .......................................................................................................................................................................................6

2. reCover objectives ........................................................................................................................................................................................8

3. reCover area and Market Selection .............................................................................................................................................9

4. reCover assessment Methodology ...........................................................................................................................................10

5. northern Cebu and iloilo Credit overview ............................................................................................................................11

5.1 Regulatory Framework and Emergency Measures ....................................................................................11

5.2.Financial Services Providers Analysiss ....................................................................................................................11

5.3. Segmentation Analysis ......................................................................................................................................................14

5.4. Key Findings and Response Options .....................................................................................................................17

6. northern Cebu Sugarcane Sector overview ........................................................................................................................19

6.1 The Pre-typhoon Market ...................................................................................................................................................19

6.2 Seasonal Calendar ...................................................................................................................................................................20

6.3 Damage Assessment ..............................................................................................................................................................20

6.4 Sugarcane Sector Mapping .............................................................................................................................................20

6.5 Key Findings and Response Options .......................................................................................................................22

7. bantayan island poultry Sector overview .............................................................................................................................23

7.1. The Pre-typhoon Market ..................................................................................................................................................23

7.2. Seasonal Calendar ..................................................................................................................................................................23

7.3. Damage Assessment .............................................................................................................................................................23

7.4. Poultry Sector Mapping ....................................................................................................................................................24

7.5. Key Findings and Response Options ......................................................................................................................25

8. northern iloilo Fisheries and aquaculture Sector overview ................................................................................27

8.1. The Pre-typhoon Market .................................................................................................................................................27


8.3. Damage Assessment ............................................................................................................................................................28

8.4. Fisheries and Aquaculture Sector Mapping ...................................................................................................29

8.5. Key Findings and Response Options .....................................................................................................................31

9. northern iloilo Tourism Sector overview ...............................................................................................................................32

9.1. The Pre-typhoon Market ..................................................................................................................................................32


9.3. Damage Assessment ............................................................................................................................................................33

9.4. Tourism Sector Mapping ..................................................................................................................................................34

9.5. Key Findings and Response Options ......................................................................................................................36

Table of Contents

4 Rapid ECOnOmiC and CREdiT OvERviEw fOR EaRly RECOvERy 54

Super Typhoon Yolanda struck the Philippines on 8 November 2013 with devastating

winds, heavy rains and storm surges that reached up to 6 meters in height and

washed away the shorelines. It is believed to be the strongest typhoon in recorded

history affecting a total of more than 14 million people, among them nearly 4

million displaced. The hardest hit regions were Eastern Visayas (region VIII), Western

Visayas (region VI) and Central Visayas (VII). Yolanda totally destroyed half a million

homes and left half a million partially damaged. Basic services, such as electricity,

water and sanitation, fuel supplies, mobile phone networks and market areas were

also critically affected. Of the affected population 5.6 million people had their

livelihoods destroyed, lost or disrupted, including 2.6 million vulnerable people.

Executive Summary

This RECOvER REpORT is aimEd aT:

• The Government of the Philippines agencies implementing the Reconstruction Assistance on Yolanda (RAY) plan for the economic sector;

• Bilateral donor agencies prioritizing and designing their support to humanitarian relief and reconstruction efforts;

• Humanitarian agencies seeking to minimize risks for markets and implement market-supporting actions;

• The World Bank Group to design effective investment and technical assistance instruments.

International Finance Corporation (IFC) is the private sector agency of the World Bank Group. RECOvER (Rapid Economic and Credit Overview for Early Recovery) is a rapid assessment methodology that combines an institutional and portfolio analysis of credit services and market mapping of key productive sectors for economies affected by disaster and complex emergencies. The RECOvER fieldwork took place three weeks after the typhoon between

December 3rd and 12th by a team of agribusiness, fisheries and banking specialists from IFC. Credit services are the central theme of the RECOvER assessment and provide an entry point into all sectors of the economy and linkages to the livelihoods of the disaster-affected population. The assessment areas in Iloilo and in Cebu were chosen according to the severity of the damage in economic terms and the early signs of moving out of the immediate relief phase (eg. reopening of bank branches and return of bank staff to work). Besides credit, four key economic sectors were selected for this assessment: sugarcane in northern Cebu; poultry on Bantayan Island; tourism and fisheries in northern Iloilo. Sugarcane, poultry and fisheries are the biggest contributors to their respective regional economies.

ThE kEy findings aRE:

• Rural banks and MFIs have extensive reach and coverage in the areas assessed of Northern Iloilo, Northern Cebu and Bantayan Island, thanks largely to financing from Government banks.


They are seeking to support current individuals and micro, small and medium enterprise (MSME) clients, after assessment on a case by case basis, through loan restructuring and new lending. Generally, affected MSME have relied on savings or a wait and see attitude until they could generate income and fulfill their past liabilities rather than borrow. In this context, moneylenders, limiting their loans to small amounts (about $20) with high interest rate to small shops, are not a significant risk.

• The main challenge in fostering credit for future recovery will be in supporting Government, Commercial and Rural banks and MFIs to expand to new segments whose payment capacity they were not comfortable with before the typhoon. This is particularly the case for agrifinance and fisheries where value chain financing prevailed before the typhoon but has completely stopped in the present situation. Reaching new segments will require designing emergency products (eg. flexible term loans, leasing), promoting savings and disaster insurance, and anticipating the mainstreaming of these new segments into core operations. The recovery period could represent an opportunity to increase access to financial services to MSMEs under-served even before Yolanda.

• Northern Cebu faces the twin challenges of recovering from typhoon Yolanda and sustaining a predominant sugarcane sector plagued by low productivity and with dim prospects in the future. The sugarcane crop resisted the typhoon and will suffer a reduction in sugar content. The net income of a key sector and employer in the local economy is at risk for this year although the assets have been safeguarded. While they rebuild and repair their houses, sugarcane planters and the local economy as a whole must also face an uncertain competitive environment in two to three years and accelerate the pace of reform so that the recovery from the typhoon is not derailed.

Rapid ECOnOmiC and CREdiT OvERviEw fOR EaRly RECOvERy 5

• The flagship poultry sector on Bantayan Island has suffered a second crippling blow with typhoon Yolanda after suffering from the effects of typhoon Frank in 2008. The local egg production capacity must be entirely rebuilt. The extensive use of value chain financing whereby trader-egg producers provide feed to other small producers on credit leaves important liabilities to traders and has extinguished this avenue for financing at present. Besides financing, renewing the confidence of demoralized producers and ensuring disaster prevention measures are taken in rebuilding are pre-condition for a sustainable recovery. As the sector consolidates towards larger farms with many smaller producers discouraged, it should also reach scale, higher standards and resilience.

• The fisheries sector, including small boats fishing in municipal waters, commercial fishing vessels and aquaculture farms was the mainstay of Northern Iloilo communities, with fish brokers playing a key role as market enablers and financers. With direct asset losses upward of US$19 million and financial obligations outstanding to brokers, banks and microfinance institutions, the recovery of a sector upon which poor coastal communities and sailors rely upon will require a combination of cash transfers to small boat owners and guaranteed lending to the sectors’ SMEs. Interventions must be enacted simultaneously so that products and financing can flow through this interdependent value chain.

• The incipient tourism sector in Northern Iloilo was an important source of diversification with growth potential for some of the poorest coastal communities in the province. The sector is currently inoperative and would need to be rebuilt before the peak summer season starting in April. Ensuring that cash for work programs and fisheries support strengthen or at least do no harm to the natural environment will be key to the value proposition of the tourism sector in the region.


Super Typhoon yolanda struck the philippines on 8 november 2013 with devastating winds, heavy rains and storm surges that reached up to 6 meters in height and washed away the shorelines. it resulted in the death of at least 5,982 people with 1,799 more still missing on 12 december. it is believed to be the strongest typhoon in recorded history affecting a total of more than 14 million people, among them nearly 4 million displaced. The hardest hit regions were Eastern visayas (region viii), western visayas (region vi) and Central visayas (vii). The typhoon hit leyte, with high winds and tsunami like storm surges, the hardest devastating Tacloban City with its population of more than 200,000 people.

On 18 June 2008, typhoon frank had already affected the same areas making first landfall in Eastern Samar and moving west northwest over leyte, Cebu, and panay. Compounded by the effects of the southwest monsoon, it had triggered landslides, flooding and storm surges along eastern and western seaboards. The most affected provinces were iloilo, Capiz, aklan and antique on panay island. Before yolanda, typhoon frank had been the fourth costliest typhoon in the philippines with 4 million people affected, including 2.1 million people in panay island alone, and damages estimated at more than USd 301 million.

The national Economic and development authority’s Reconstruction plan on yolanda estimate the total damages and losses from yolanda at upward of USd 12.6 billion, including physical assets destroyed, and reduced production, sales and income immediately after the typhoon and in the near term. it also estimated that 90% of the cost has been borne by the private sector.

yolanda totally destroyed half a million homes and left half a million partially damaged. Houses made of wood and bamboo did not resist leaving 85% of houses in the disaster area affected. in northern panay and northern Cebu, up to 55% of houses were totally destroyed and 36% partially damaged.

Basic services, such as electricity, water and sanitation, fuel supplies, mobile phone networks and market areas were also

Emergency Context


critically affected. The national Grid Corporation of the philippines estimated 2000 transmission structures had been damaged, 60% of which in panay. in northern panay and northern Cebu along the path of the typhoon, 80% of the population had no electricity, crippling businesses, as well as households. By the end of november, power had only been restored up to ajuy in iloilo, leaving the northern area of the province to function on generators. full restoration of power was only expected by Christmas.

Of the affected population 5.6 million people had their livelihoods destroyed, lost or disrupted, including 2.6 million vulnerable people. among them 2.4 million workers, including 1 million women, were affected. The multi-Cluster/Sector initial Rapid assessment (miRa i) was the first comprehensive assessment of damages in the path of the typhoon. it found the key impacts included loss of homes, food stocks, livelihood and fishing assets, as well as the destruction of market areas and blocking of the physical means of access to markets and financial services. in agriculture, over 60% of standing crops (rice, corn) were heavily affected and more than 50% of plantation crops (banana and coconut trees). in the coastal areas of panay and northern Cebu along the path of the typhoon (domain iii), more than a third of fishing equipment and one quarter of livestock were damaged as well.

markets were also affected, particularly in Samar and leyte, although it was not a major concern in panay and Cebu. predictably, Samar and leyte saw rice price increases of 30% to 50% with smaller increases of 10% in panay and Cebu. Consequently, in the former, running out of food stocks for individuals was the primary concern, while in latter regions the primary concern is the financial capability to buy food. as a consequence, at the time of the miRa i, 2.4 million people were estimated to be in need of food assistance.

By mid-december at the time of writing this report, the situation had stabilized with school resuming already on 26 november in most of the affected areas and the needs of people shifting to recovery, notably in the Central visayas. On december 6, a first wave of people benefitted from the department of labor and Employment (dOlE) emergency employment program.

The multi-Cluster needs assessment (miRa ii) conducted in early december found 80% of the baranguays had functioning markets. in domain iii alone, household incomes had decreased by 30% and household expenditures by 23%. about 27% of households were receiving remittances. Of affected populations, 99% had received some form of food assistance, 13% shelter materials, 9% cash transfers, and 2% agriculture or fishing inputs.


RECOvER (Rapid Economic and Credit Overview for Early Recovery) is a rapid assessment methodology that combines an institutional and portfolio analysis of credit services and market mapping of key productive sectors for economies affected by disaster and complex emergencies. it is inspired by and complements the Emma (Emergency market mapping and analysis) methodology used by humanitarian nGOs to investigate critical markets to inform relief programming. RECOvER shares the goals of Emma to improve the understanding of markets to: inform direct response options; assess opportunities for indirect forms of market support; reduce the risk of doing harm to businesses and households; assist in monitoring the performance and accessibility of markets; improve the quality of disaster preparedness; and, identify the knowledge gaps for further diagnostics.

RECOvER addresses a gap in current analysis that focuses on product and labor markets directly affecting target populations but overlooks financing modalities that both constitute increased liabilities in the aftermath of disaster and provide opportunities for swifter recovery and long term growth. it also covers economic sectors dominated by SmEs that may not directly contribute to the food security, reconstruction needs and subsistence of target populations but are crucial to the economic recovery of a disaster or conflict-affected region, represent a source of improved employment and diversification, and constitute potential pillars for future growth.

This RECOvER report is aimed at:

• The Government of the Philippines agencies implementing theReconstructionAssistanceonYolanda(RAY)planfortheeconomicsector;

• Bilateraldonoragenciesprioritizinganddesigningtheirsupporttohumanitarianreliefandreconstructionefforts;

• Humanitarian agencies seeking tominimize risks formarkets andimplementmarket-supportingactions;

• TheWoBankGroup todesign effective investment and technicalassinceinstruments

RECOvER Objectives


RECOvER area and market Selection

Credit services are the central theme of the RECOvER assessment and provide an entry point into all sectors of the economy and linkages to the livelihoods of the disaster-affected population. The assessment areas in northern iloilo and northern Cebu were chosen according to the severity of the damage in economic terms as demonstrated by the miRa 1 and initial government estimates and the early signs of moving out of the immediate relief phase (eg. reopening of bank branches and return of bank staff to work). The narrow coastal livelihoods of northern Cebu, northern iloilo and Bantayan island were particularly affected with both agriculture and fishing sources of livelihoods damaged.

Besides credit, four key economic sectors were selected for this assessment: sugarcane in northern Cebu; poultry on Bantayan island; tourism and fisheries in northern iloilo. Sugarcane, poultry and fisheries are the biggest contributors to their respective regional economies. Tourism is a key sector for diversification for the province of iloilo as specified in its development plan 2011-2016. in the fisheries sector, the RECOvER assessment focused on the commercial fisheries and aquaculture sub-sectors, in coordination with assessments conducted simultaneously by international Rescue Committee and action Contre la faim focusing on municipal fisheries. municipal fisheries were covered directly by the RECOvER team only as part of the microfinance assessment.


4. RECOvER assessment methodology

The RECOvER assessment team was composed of 4 specialists from the operations team of the East asia pacific department of ifC – two specialists in agribusiness and fisheries and two specialists in banking and credit, under a team leader – the Head of Results measurement for East asia pacific. logistics support was provided by a program assistant. in each of region vi and region vii, an ifC operations team member from the area acted as facilitator for the assessment. The report was peer reviewed by ifC regional experts in microfinance, SmE finance, agrifinance and agribusiness.

The RECOvER team conducted a desk-review of pre-yolanda data including regional development plans, regional and provincial statistics, and selected value chain analyses available for the disaster area or similar regions of the philippines. it also collated post-disaster provincial and local government unit damage assessments, humanitarian needs assessments and emergency market assessments. The RECOvER team conducted semi-structured interviews with officials in local government units, value chain actors, branch

Storage room of a retail shop in Bogo City, Northern Cebu. The shop suffered minor damage to its stock of goods and cereals due to flooding. In December, four weeks after the typhoon, sales were still at a standstill as traditional customers had lost their livelihood and relied on relief goods. Credit and market assessments aim to uncover the effects of a crisis throughout the value chain and the status of financing mechanisms that oil the local market economy.

managers of financial services providers, and micro, small and medium enterprises. The findings on financial institutions are based on interviews with 2 government banks, 2 commercial banks, 4 rural banks, 2 microfinance institutions, and 2 cooperatives with operations in northern Cebu and northern iloilo. The team also conducted focus group discussions with small sugarcane planters, microfinance clients and commercial fisheries operators. finally, the team performed direct observation of productive assets affected by the disaster.

The RECOvER fieldwork started three weeks after the typhoon and was conducted over 9 days. it took place in the province of Cebu from december 3rd to december 6th and in the province of iloilo from december 7th to december 12th 2013. fieldwork in Cebu concentrated in the northern part of the island, including the municipalities of Cebu and medellin, and on Bantayan island. fieldwork in iloilo took place in iloilo City and the municipalities of the northern 5th district, including ajuy, Balasan, Concepcion, Estancia and Carles, as well as the island of Gigantes.


5. northern Cebu and iloilo Credit Overview

The credit market in the yolanda-affected regions of the philippines is a complex network of complementary and mutually supportive providers that are state-owned and private, commercial and non-profit, formal and informal, regulated or not. in this section, we provide a comprehensive overview of credit mechanisms starting from the regulations underpinning the sector before exploring the situation of lenders, then segmenting the market among disaster-affected individuals and mSmEs. we conclude with a demand and supply analysis and response options.

5.1. regulatory Framework and emergency Measures

The philippine banking sector is regulated by the Bangko Sentral ng pilipinas ( BSp). The BSp provides policy directions in the areas of money, banking and credit. it supervises operations of banks and exercises regulatory powers over non-bank financial institutions with quasi-banking functions. To support banks in areas affected by typhoon yolanda, the monetary Board of the BSp approved to grant temporary regulatory and rediscounting to banks with head offices and/or branches in areas affected by Typhoon yolanda.

The temporary relief appears in memorandum no. m-2013-050 issued by the BSp. Upon voluntary application by financial institutions in the designated affected areas, it provided for assistance to employees of the financial institution, a grace period of two months from the time of application of all obligations to BSp for rediscounting banks, and a loosening of reporting requirements for other banks.

loosening dormancy fees on deposit accounts and the suspension of interest and charges on loans are a banks prerogative and the BSp measures intend to create an enabling environment to adopt such measures. Similarly, as stated by BSp, the relief package does not qualify or limit the applicability of write offs of loans of affected borrowers and to minimize the impact of losses on the financial position of the affected banks allow banks to recognize such losses on a staggered basis. The financial institutions interviewed during RECOvER did not envision cancelling loans and preferred restructuring the loans after a careful individual of the borrowers’ individual repayment capacity. This approach is consistent with international best practice and would prevent borrowers confusing grants and cancellations, maintain borrowers’ credit discipline in the future, and avoid tensions between borrowers with large and small outstanding debt. BSp ruled that donor funds should be recorded as Retained Earnings-Reserve-Others rather than applied to loans written off.

5.2. Financial Services providers analysis

while the banks and mfis sustained structural damage to their offices, majority were already open for business in december. Operations have been affected as some branches were still offline and need to manually process payment transactions in the nearest operating branch. Others have had to purchase generators as there is still no power in some areas. This has resulted in slower processing and increased operational costs for some of the institutions. four weeks after the typhoon, the financial institutions were in the process of assessing their individual borrowers.


for all banks allowing banks to provide financial assistance to their officers and employees who were affected by the calamity even if not within the scope of the existing BSp-approved fringe Benefit program (fBp) subject to subsequent submission of request for approval of the amendment to fBp to the appropriate supervision and examination department for regularization.

for all rediscounting banks

• a. Upon application, granting of a 60 day grace period to settle outstanding rediscounting obligations as of november 8 2013 with the BSp of all rediscounting banks with head office, or with branches or with end user borrowers in the affected areas except, those with serious violations or findings with the Supervision and Examination Sector;

• b. in addition, allowing the rediscounting banks to restructure with the BSp, on a case to case basis the outstanding rediscounted loans of their end user borrowers affected by the calamity, subject to terms and conditions of the implementing guidelines.

for thrift, rural and cooperative banks

a a. during a temporary grace period for payment or upon their restructuring and subject to reporting to BSp, exclusion of the loans of borrowers in affected areas, which should have been reclassified as past due loans under Section X306 of the mORB on 8 november 2013 (date Typhoon “yolanda” hit the country) and those becoming past due up to 31 december 2014, from computation of past due loan ratio; provided that BSp documentary requirements for restructuring of loans for this purpose are waived; provided further that the bank will adopt appropriate and prudent operational controls;

b b. Reduction of the 5 percent general loan loss provision to 1 percent for restructured loans to borrowers in affected areas from 8 november 2013 to 31 december 2014;

c c. non-imposition of penalties on legal reserve deficiencies or TBs/RBs/Coop Banks with head office and/or branches in the affected areas incurred starting from reserve weeks ended 14 november 2013 to 15 may 2014 provided these reserve deficiencies can be shown to be calamity related as certified by the bank rather than due to pre-existing conditions;

d d. moratorium without penalty on monthly payments due to the BSp until 30 June 2014 for banks with ongoing rehabilitation programs upon filing of application for extension/rescheduling;

e e. for all types of credits extended to individuals and businesses directly affected by the calamity, allowing, subject to BSp prior approval, the booking of allowances for probable losses on a staggered basis over a maximum period of five years on loans outstanding as of 8 november 2013; and f. non-imposition of monetary penalties for delays in the submission of all supervisory reports due to be submitted from 8 november 2013 to 30 June 2014.

Table 5.1. Central bank of the philippines relief measures


The philippine Crop insurance Corp stated that they have started paying out on claims from the typhoon damage. The Government portfolio guarantee program or agricultural Guarantee fund pool has also started to pay on claims of cooperatives, banks and mfis in the disaster areas.

There has been an increase in withdrawal of deposits as savings are being used to fund reconstruction of houses and business assets damaged by the typhoon. One mfi mentioned that they have processed 10,000 withdrawal transactions since the typhoon. after the typhoon, pawnshops have been mainly used for remittances as they have cheaper transactions cost compared with banks. The volume of remittances, have increased as funds from families and friends are being sent to affected areas.

The main credit providers in the areas assessed are as follows:

• Government banks are the primary funders for public infrastructure such as the municipal office, sports facilities and public markets. most of these infrastructures in the areas have been damaged by the typhoon. Government Banks also provide SmE loans and wholesale funding to cooperatives and microfinance institutions for on-lending to retail clients. Government banks are finalizing guidelines for their calamity rehabilitation support program. This will include deferment and restructuring of loans to affected borrowers and offering new reconstruction loans. new loans could include stricter requirements for better construction standards which can also qualify in obtaining insurance for assets.

• Commercial banks are in both areas, with a stronger presence in northern Cebu which has a larger economic activity compared to northern iloilo. loans are mostly to SmEs which are the larger entities operating in these areas. This SmE market includes medium to large poultry layer farms, feed mills and commercial fishing boat operators who have suffered heavy damage from the typhoon. The exposure of commercial banks in the affected areas is relatively small when compared to their entire portfolio in the country.

• Rural banks and Microfinance Institutions cover the lower end segment. They provide loans to small and micro enterprises as well as individual micro loans and salary-backed loans. Examples of clients are small sari sari stores, market vendors, traders, small fishermen and employees of SmEs. These institutions are currently assessing the impact to their clients but those interviewed have already indicated that past due rates can go from existing levels of below 10% to up to 30%. Some mfis offer calamity/housing insurance and their borrowers have been able to claim on this. amounts however, are not enough to cover reconstruction needs. Early initiatives of the Rural Banks and mfis include providing relief goods in the early stages of the post disaster, waiving delayed payment penalties and suspending collections for 1 month.mfis and Rural Banks are in the process of assessing the impact of the typhoon to each of their clients. many are open to restructuring loans, but this will depend on the result of specific assessment for each client. most have indicated that if and when reconstruction/housing loans are provided, these will only be focused on existing clients based on an assessment. Rural Banks and mfis are in discussions with external funders for possible restructuring of loans. Some institutions are considering providing reconstruction loans with “soft” terms for affected borrowers, only if they are able to get new wholesale funding for this purpose. mfis are also careful about protecting their identity in their communities as financial intermediaries which are different from “aid” organizations.

• Multi-purpose and Agricultural Cooperatives provide lending to micro-entrepreneurs and farmers since Rural Bank and microfinance lending to agriculture crops is low. most financial institutions view this sector as high risk. Some will only lend if the farm owner is an employee with regular salary. Only


2 of the institutions interviewed lend directly to agriculture production and this is a very small part of their portfolio. The main lenders to the agriculture sector are cooperatives who obtain wholesale funds from government banks

• Value chain financing is a principal source of financing in the affected areas of northern Cebu and northern iloilo, especially for key sectors in like rice, sugar, poultry, and fishing. These are mostly loan advances from traders and processors and can be in the form of cash or inputs such as fertilizers, feeds, fuel and nets. Selling on credit is also provided by value chain players. many traders and buyers have not been able to collect on loans as fishermen and farmers have sustained heavy damage on production. value chain finance has stopped in the aftermath of the typhoon as demand for cash has increased and transactions must be paid immediately. most value chain borrowers have not been able to pay outstanding loans after the typhoon.

• a large section of the population is still unbanked and is mostly served by other sources of financing. These are pawnshops and informal money lenders who charge up to 240% per annum. informal money lenders (bumbai, or “5/6”) only lend small sums with rapid repayment terms to individuals who can immediately and visually show a source of regular cash flows, typically small stores. as a consequence, they would not typically serve smallholder farmers. feedback from interviews indicate that informal money lenders have also become more cautious in terms of lending, but continue to provide short term loans ( 1 day, php1000 or US$22). part of the informal source of funding also comes from friends and families mostly living in bigger cities like Cebu and manila or working in other countries.

5.3. Segmentation analysis

in northern Cebu and northern iloilo, financing is needed for reconstructing public infrastructure and houses, rebuilding businesses and recovering livelihoods. The miRa ii conducted in december 2013 found household incomes in domain iii covering panay and Cebu had decreased by 30% and household expenditures by a quarter. as a consequence, more than a third of households had resorted to pawning or taking an extra loan.

Those who are current bank clients and still have other sources of income such as employment or have other assets they can use as collateral will be more likely to obtain restructuring of existing loans or even new bank loans for reconstruction, subject to an assessment with their bank. However, only a few are employed and mostly with the government. majority of those affected have lost most of their income generating assets and will have a hard time accessing new funding as banks and mfis will be assessing each borrower’s capacity to pay.

while there is a strong need for funding, many of those who have heavy damage on their homes and businesses are very hesitant to borrow from commercial institutions. They are not confident they will be able to pay back loans and meet collateral requirements, since they have lost their boats and their farms have been badly damaged. Their damaged assets also have very little value for collateral. This is also compounded by existing loan obligations, and an increase in expenditure from higher prices of commodities and rebuilding of houses.

most of those interviewed indicated that they will only consider borrowing if the terms have lower interest, longer tenors and require minimal or no collateral. Some mentioned that they still need grant funding from government or donors to restart livelihoods.

Type of Banks / Institutions

Lenders covering N

orthern CebuLenders covering N

orthern IloiloProducts O

fferedInterest Range and Security

Impact of Typhoon

Initiatives after Typhoon

Comm

ercial BanksBanco de O

ro (BD

O); M

etrobank; Philippine N

ational Bank (PN

B)

Bank of Comm

erce•

SME Loans backed by

property collateral, •

Average loans are above P500,000

•D

eposits

9-12%

•Real property

•D

amage to Bank Structure

•Expects increase in Past D

ue in portfolio•

Slower paym

ent process as branches are still of-fline

•Currently assessing clients and discussing possible restructuring of loans

•Assessing clients w

ho are apply-ing for reconstruction loans

Governm

ent Banks

Landbank, Develop-

ment Bank of the

Philippines

Landbank•

Salary backed loans•

Livelihood loans, •

Governm

ent Infrastructure and Real Estate

•SM

E loans•

Wholesale loans to

cooperatives and MFIs

•D

eposits

6-12%

•Real property,

•Salary deduction

•D



ue in portfolio•

Increase in withdraw

al of deposits

•O

ngoing discussions and assessm

ent of affected clients for deferm

ent and restructuring of loans

•Finalizing guidelines for Calam

ity Rehabilitation Support Program

where a big portion is

for earmarked for reconstruction

•looking to im

pose requirement

on building standards of future loans to poultry houses

Rural Banks, Microfinance

Institutions and Cooperatives

ASPAC, Mactan

Rural Bank, Fairbank, Rural Bank of Sugbuanon, BankW

est, Rural Bank of Bogo, City Savings Bank, Katipunan Rural Bank, TSKI, CARD

Bank

Progressive Rural Bank, Barabaza Co-operative, TSKI, ASA

, CARD

Bank

•Salary Backed loans,

•M

icro Enterprise, •

Micro Finance loans,

•Real Estate M

ortgage loans

•D

eposits

18-30%

•Salary deduction

•Real property

•D



ue in portfolio•

Slower paym

ent process asbanksarestilloffline

•Currently visiting clients and assessing

•Possible restructuring extension of loans

•som

e have waived penalties

on delayed payment, stop

collection for a month

•discussions w

ith funders for better term

s

Pawnshops and

Money lenders

Cebuana, Palaw

an, Dover,

RD Paw

nshop, G

emm

ary, informal

lenders ( relatives friends, m

oney lenders)

Cebuana, RG, Pala-

wan, inform

al lenders ( relatives, friends, m

oney lenders)

•Loans against paw

ned as-sets, rem

ittances,•

1 day multi-purpose loans,

•Credit for purchase of retail goods

36% - 240%

Retail assets / hom

e appliances

•D

amage to Banks


ue in portfolio•

Increased volume

of remittances for

pawnshops

•M

oney lenders selling retail item

s like pillows

and blankets on credit

•M

any are still unbanked and dependent on inform

al sources of credits.

•Reasons for relying on inform

al sources are fast processing, m

inimal requirem

ents, and no need to enter a bank branch

Value Chain Players

Traders and dealers of Rice, Sugar, Eggs, Inputs, and Sugar M

ill

Fish traders, brokers, processing plants, Rice M

ills, Hardw

are stores, Fuel suppliers

•Advance loans to rice farm

ersandfishermen.

•In kind credit for farm

ers in the form

of inputs. Credit term

s for trader clients.

Share of harvest

Sometim

es no interest just security of supply

•Increase in bad loans as typhoon has reduced productivity of rice and sugar farm

s, destroyed poultryfarm

s,fishingboatsandfishponds

•Mostofthevaluechainfinan-

ciers have stopped giving credit and deal only on cash basis w

ith clients


Type of Banks / Institutions

Lenders covering N

orthern CebuLenders covering N

orthern IloiloProducts O

fferedInterest Range and Security

Impact of Typhoon

Initiatives after Typhoon

Comm

ercial BanksBanco de O

ro (BD

O); M

etrobank; Philippine N

ational Bank (PN

B)

Bank of Comm

erce•

SME Loans backed by

property collateral, •

Average loans are above P500,000

•D

eposits

9-12%

•Real property

•D



ue in portfolio•

Slower paym

ent process as branches are still of-fline

•Currently assessing clients and discussing possible restructuring of loans

•Assessing clients w

ho are apply-ing for reconstruction loans

Governm

ent Banks

Landbank, Develop-

ment Bank of the

Philippines

Landbank•

Salary backed loans•

Livelihood loans, •

Governm

ent Infrastructure and Real Estate

•SM

E loans•

Wholesale loans to

cooperatives and MFIs

•D

eposits

6-12%

•Real property,

•Salary deduction

•D



ue in portfolio•

Increase in withdraw

al of deposits

•O

ngoing discussions and assessm

ent of affected clients for deferm

ent and restructuring of loans

•Finalizing guidelines for Calam

ity Rehabilitation Support Program

where a big portion is

for earmarked for reconstruction

•looking to im

pose requirement

on building standards of future loans to poultry houses

Rural Banks, Microfinance

Institutions and Cooperatives

ASPAC, Mactan

Rural Bank, Fairbank, Rural Bank of Sugbuanon, BankW

est, Rural Bank of Bogo, City Savings Bank, Katipunan Rural Bank, TSKI, CARD

Bank

Progressive Rural Bank, Barabaza Co-operative, TSKI, ASA

, CARD

Bank

•Salary Backed loans,

•M

icro Enterprise, •

Micro Finance loans,

•Real Estate M

ortgage loans

•D

eposits

18-30%

•Salary deduction

•Real property

•D



ue in portfolio•

Slower paym

ent process asbanksarestilloffline

•Currently visiting clients and assessing

•Possible restructuring extension of loans

•som

e have waived penalties

on delayed payment, stop

collection for a month

•discussions w

ith funders for better term

s

Pawnshops and

Money lenders

Cebuana, Palaw

an, Dover,

RD Paw

nshop, G

emm

ary, informal

lenders ( relatives friends, m

oney lenders)

Cebuana, RG, Pala-

wan, inform

al lenders ( relatives, friends, m

oney lenders)

•Loans against paw

ned as-sets, rem

ittances,•

1 day multi-purpose loans,

•Credit for purchase of retail goods

36% - 240%

Retail assets / hom

e appliances

•D

amage to Banks


ue in portfolio•

Increased volume

of remittances for

pawnshops

•M

oney lenders selling retail item

s like pillows

and blankets on credit

•M

any are still unbanked and dependent on inform

al sources of credits.

•Reasons for relying on inform

al sources are fast processing, m

inimal requirem

ents, and no need to enter a bank branch

Value Chain Players

Traders and dealers of Rice, Sugar, Eggs, Inputs, and Sugar M

ill

Fish traders, brokers, processing plants, Rice M

ills, Hardw

are stores, Fuel suppliers

•Advance loans to rice farm

ersandfishermen.

•In kind credit for farm

ers in the form

of inputs. Credit term

s for trader clients.

Share of harvest

Sometim

es no interest just security of supply

•Increase in bad loans as typhoon has reduced productivity of rice and sugar farm

s, destroyed poultryfarm

s,fishingboatsandfishponds

•Mostofthevaluechainfinan-

ciers have stopped giving credit and deal only on cash basis w

ith clients

Table 5.2. Fin

ancial Secto

r players in n

orth

Ceb

u an

d n

orth

iloilo


• Municipalities are important borrowers to government and commercial banks. demand to fund reconstruction of public infrastructure is high because many of the structures have been damaged. Some of the municipalities however, have been able to get government insurance, while others have not.

• Smallholder farmers in rice, corn or sugar mostly receive credit in the form of value chain financing, with in-kind input supplies and cash to pay for daily labor, from cooperatives or agri-input suppliers except when participating in pilot formal group lending microcredit schemes with currently limited reach. in rice, corn and sugar, productivity will be affected but the crop cycles will take place. However, value chain financing has stopped and all transactions are done exclusively on a cash basis. These populations are not served by banks unless they are former (pre-land reform) sugar plantation workers who receive pensions in deposit accounts. They are also not served by moneylenders who eschew borrowers that cannot show daily cash flows.

• for store owners, small business operators and petty traders, both houses and business assets and income have suffered significant damage or reduction. funding for reconstruction is very important to rebuild homes and provide shelter. However, feedback from interviews is that demand for funding will first be used to rebuild businesses and livelihoods so that income can be generated as soon as possible. Stores and business operators face higher operating costs, including for running generators to keep machinery running (eg. milling rice or produce ice for fisheries) or remaining open at night (eg. stores, resorts), and higher transport goods for sourcing supplies or for processing in locations further away. Store owners, petty traders, tourism operators have seen their business shrink with limited supplies, competition from free delivery of basic goods, and limited purchasing power in the community. These businesses have access to formal banking, microfinance or informal moneylenders depending on their level and needs. Their first strategy has been to tap into savings, including savings held with mfis. access to remittances from friends and families at home and abroad will also play a key role. in some cases, they have immediately serviced their remaining liabilities with rural banks and mfis to access new credit.

• Operators in fisheries and poultry had received credit for their operations from trader-brokers, or from mfis under group lending schemes. Their primary assets are completely destroyed or severely damaged. Trader-brokers currently only deal on a cash basis and face important losses on outstanding credit to their customers. for fishermen, full asset replacement is needed either through asset donations or asset purchases through temporary employment or calamity loans. Unless fisher folks can restart

Workers load a truck at the Estancia fish port. The activity of the port was drastically reduced because both small boats and commercial vessels suffered extensive damage and destruction. Brokers at the port not only play a central role in trading but also finance fishermen and boat owners. With the crisis, paying cash became the only acceptable way to settle a transaction and value chain financing all but stopped.


supplying brokers they will not receive working capital financing from brokers. for egg producers, important disaster-resilient capital investments must be made but lending institutions will not support them unless they can pledge the very security, houses and hen pens, they lost in the typhoon. SmEs such as large poultry farms on Bantayan island, commercial vessel operators in northern iloilo and medium and large sugar planters in Cebu receive both advances from trader-brokers and held obligations with commercial and rural banks as regular clients secured by wage income, land and real estate. These enterprises have well identified and functioning markets and a track record of production and income.

5.4. Key Findings and response options

• The most important financing needs in the affected areas of northern iloilo and northern Cebu is for housing reconstruction and livelihood support. Capital is needed to reconstruct or repair houses. There is no micro-housing or home improvement loan in the market that can deliver immediately for affected populations. at the moment there is still a gap between funding needs of the typhoon-affected populations and what is available from government banks and financial institutions. There may be opportunities in the future after the recovery to promote home improvement loans contingent on meeting disaster-resilience standards.

• while some of the affected areas are showing signs of economic recovery, there are still places badly affected where people are unbankable after the typhoon. Based on the assessment, these include municipalities in Cebu such as Bantayan island, and iloilo such as Estancia, San dionisio, Carles, Sara and Concepcion where small poultry farms, small fishermen and store owners have been badly affected. in these areas, cash transfers to support rebuilding of houses and assistance to recover livelihoods is needed and will free up household capital for productive investments. This support is important as it will allow individuals to regain their capacity to generate income, which could qualify them for loans and value chain financing to further upgrade their assets and lead to full economic recovery.

• Rural banks and mfis have extensive reach and coverage in the areas assessed, thanks largely to financing from Government banks. They are seeking to support existing current clients. Some of them will need to restructure existing loans as they expect an increase in their non-performing loans. Some will also need new funding to provide “soft” loans to their borrowers, to help in recovery. However, the main challenge will be in expanding to new segments whose payment capacity they were not comfortable with before the typhoon. Reaching new segments will require designing emergency products (eg. flexible term loans) and anticipating the mainstreaming of these new segments in core operations. This expansion could represent an opportunity to increase access to financial services to populations under-served even before the super typhoon.

• for those with relatively bigger businesses such as medium to large poultry farms and commercial fishing boat operators, special funding is also needed as damage to assets has been significant. Government banks, which have calamity rehabilitation funds, have started implementing measures to provide support to these businesses. during interviews with government banks, they mentioned providing deferments on existing loans, and offering grace periods with low interest rates for reconstruction loans. while this is very helpful, it will need to be fast tracked as many of those businesses interviewed have not yet been reached by these banks. in addition to this, some business owners have also expressed that requirements on collateral are hard to meet given that their structures have been damaged. again, like for the micro segment, this period offers the opportunity to test and adopt new lending products (eg. leasing for commercial fishing vessels) that promote greater access to finance.


Response Option Advantages Disadvantages/challenges Feasibility and timing

Cash transfer and in-kind support to housing recovery instead of home improvements loans

Avoid expense of capital on non-productive assets

If banks and MFIs participate in delivery of cash, need to distinguish clearly with lending

High; immediate

Cash for work programs and small grants to micro and small entrepreneurs

Restart small income generation to allow receiving lending and valuechainfinancing

If banks and MFIs participate in delivery of cash, need to distinguish clearly with lending operations

High; immediate

Fast track deferments and restructuring based on group assessment

Immediate visibility for borrowers on their obligations and focus on economic recovery

Rural banks and MFIs will need support from their lenders; unwillingness to lower credit standards

Medium; immediate

Provide new lending tofinancialinstitutionswith partial guarantee to cover existing clients, including in particular value chain playersfinancingsmallproducers

More rapid economic recovery where markets are functioning and can draw on operational supply chains

Limited current coverage especially in agriculture andfisheries

High; immediate

Technical assistance and risk sharing facilities to financialinstitutionsfornew borrowers

Formalization of lending to new segments with emergency phase products that can graduate to core clients

Mistrust of borrowing by potential new segments; financialinstitutionsunfamiliar with clients

Medium; immediate

Promote savings and disaster insurance

Increase disaster resilience High frequency of disasters would entail high insurance costs

Low; medium and long term

• microfinance institutions are rightfully assessing each of their borrowers to determine which loans can be re-scheduled. This approach will help them be commercially sustainable. They also can play a role in post disaster recovery by being channels for government and/or donor grants. They should however only do so if they can manage this effectively and clearly communicate to their clients that this is separate from their loan programs. also, if mfis plan to offer special disaster financial products, they should clearly distinguish this from their regular loan products and this should only be for a specific time before graduating their clients to core products.

• The aftermath of the typhoon has also highlighted the need for Rural Banks and mfis to encourage their clients to accumulate savings or obtain micro/crop insurance as a contingency for disasters. Educating poor households on the benefits of savings and micro insurance will be important to help them prepare financially for future disasters. Existing projects on crop insurance in the private sector should be looked at by other mfis and Rural Banks to improve resilience of institutions and borrowers against future calamities.

Table 5.3. response options Framework for Credit


6. northern Cebu Sugarcane Sector Overview Sugarcane is the major crop of the northern Cebu municipalities of Bogo, medellin and San Remigio. in this section, we describe the sugarcane market pre-typhoon situation, show its seasonality, assess the damage, and map the sector and its constraints in the early recovery phase. we conclude with response options.

6.1. The pre-typhoon Market

northern Cebu, particularly the municipalities of Bogo and medillin, is dominated by small and large sugarcane plantations. The total area devoted to sugarcane in Cebu is 6,600 hectares for a value of production of 3.3 billion pesos in 2012 (US$74 million). The area of Bogo/medellin had 302 planters in total, including 185 planters with less than 5 hectares, 91 planters with between 5 and 50 hectares, and 26 planters more than 50 hectares. for the town of medellin itself, sugar covers 70% of the land area and half to up two thirds of the population of 51,000 could be reliant on the sector.

The sector will be protected and regulated until the full completion of the obligations under the aSEan free Trade agreement in 2015. The Sugarcane Regulatory administration (SRa) sets a quota for the share of production that is delivered to domestic markets, US exports and world exports. planters in Cebu have only access to one mill, Bomedco. Under the sugarcane regulatory framework, the shares of the sugar returning to the planter and owed to the mill after milling are set at 65% and 35% respectively. as a consequence any improvement in price or productivity at the farm or mill level is directly passed on to both planters and millers.

The sector in Cebu faces a major issue of low productivity compared to other regions in the visayas and the rest of the philippines, even before considering foreign competition. productivity in the area is at 37 tons per hectares compared to 60 tons per hectares on panay island and as high as 120 tons per hectares other countries in Southeast asia. Quality of the sugar is also inferior to negros. The liberalization of the sector to foreign competition within two years threatens the very survival of this industry in Cebu.

The Bomedco mill receives 70% of the sugarcane from the largest farmers with cultivated areas above 50 hectares and 30% from smaller planters. To be profitable however the mill cannot solely rely on the largest farmers and needs to maximize input. planters receive a calendar for when they can bring their produce to the mill once the milling season starts. Bomedco has 350 employees and a network of 3000 harvesters is dependent on the start of milling. The mill itself is old and will need to replace its boiler within three years or stop production.

Small sugarcane planters operate in clusters so that labor can be rotated between the farms. daily wages in sugarcane fieldwork could be as low as 50 pesos per day compared to the minimum agricultural wage of more than 200 pesos. as a consequence, planters face serious labor shortages where laborers have access to better employment opportunities locally or in Cebu City, notably in the construction sector.

a typical sugar farm of 1.7 hectares will deliver 70 bags and receive a total income of 91,000 pesos (US$2,070). with production costs at 58,000 pesos, the small planter keeps 33,000 pesos (US$780) per year in net income. To make a sufficient income in sugarcane, a household must access to at least three hectares and reach a productivity level of 50 to 60 tons per hectare. This makes clustering and renting land a necessity.


6.2. Seasonal Calendar

The typhoon landed on Cebu island a couple of days before the schedule start of the milling season. The milling season was thus delayed until the mill could reopen a month later.

Month/Step Nov. Dec. Jan. Feb. Mar. April May June July Aug. Sept. Oct.

Land preparation x x

Replanting x X x x x

Fertilization X x x x

Cultivation X x x x x x x

Harvest x X x x x x

Hauling x X x x x x

Milling x X x x x x

6.3. damage assessment

Sugarcane is generally resilient to winds and floods. The main direct effect is a loss in sugar content. all stakeholders interviewed in Bogo and medellin estimated that 95% of the production had been affected with a loss of about 30% in sugar content at the end of the milling season compared to the previous year. if this level of sugar content loss is confirmed this would entail a total loss of value of production of about US$20 million for the region with significant consequences for the local economy and local public finances. it had been expected that the harvest for this season would be a bumper harvest compared to last year with output forecasted at 20% above the 2012 level. Given fixed production, the season will thus yield for a small 1.7 hectares planter an annual net income of 5,700 pesos ($138) instead of 33,000 pesos.

Sugarcane planters and workers have suffered extensive housing damage. planters are facing a cash flow issue to rebuild and ensure harvesting, replanting and cultivation can be financed in the coming months, including paying for inputs and daily labor. Simultaneously, workers have to rebuild their homes and will benefit from cash for work programs at 75% of the minimum wage and are unlikely to accept the wage and working conditions in the sugarcane sector.

6.4. Sugarcane Sector Mapping

The sugarcane market is centered around the Bomedco mill. large and small planters supply the mill with sugarcane and receive a share of the raw sugar that is then handled by broker-traders. in the past, the SRa and the mill used to offer extension services to farmers. These had been discontinued before the typhoon. at the same time, the City of Bogo, for example, only offers extension services to high value crops – vegetables and mango, fisheries and corn.

Table 6.1. Sugarcane seasonal calendar


the SRA and the mill used to offer extension services to farmers. These are no longer available. At the same time, the City of Bogo, for example, only offers extension services to high value crops – vegetables and mango, fisheries and corn.

Planters receive fertilizers from agro-input dealers and from the cooperative. Value chain financing is practiced whereby input dealers provide fertilizer on credit and a cash advance for labor costs.

Because the price differential between world markets and the domestic market is consequential, there is occurrence of smuggling of sugar from countries like Thailand passed for domestic sugar.

Figure 6.1. Northern Cebu Sugarcane Market Map

BOMEDCO mill

Large farms = 4

Small planter

Cebu buyers

Transport

Workers

Banks

The market chain: market actors and their linkages

Key infrastructure, inputs and market-support services

Sugar Regulatory Administration

The market environment: institutions, rules, norms and trends

Major disruption

Partial disruption

Traders

Small planter

Small planter

Agro-input dealers

Cooperative

Thai “magic sugar”

Figure 6.1. northern Cebu Sugarcane Market Map

planters receive fertilizers from agro-input dealers and from the cooperative. value chain financing is practiced whereby input dealers provide fertilizer on credit and a cash advance for labor costs.

Because the price differential between world markets and the domestic market is consequential, there is occurrence of smuggling of sugar from countries like Thailand passed for domestic sugar.



Technical assistance and financingtoBomedcomilland farmers to cluster, modernize and improve productivity

Recovery and long term sustainability of an economic engine of Northern Cebu

Need to ascertain whether productivity gap is too high to compete under liberalization even after modernization

Low; two-three years

Technical assistance and financingtoplantersfordiversification,alternative livelihoods and transformation

Recovery and replacing an activity with uncertain future in the medium term at a time of change

Mutual dependence of mill and planters; sugarcane is a disaster resilient crop and fast growth unlike coconut and mango trees

Medium; near term

Table 6.3. response options Framework for Sugarcane


• Sugarcane is a driver of the local economies of northern Cebu with an uncertain. it relies on traditional methods of production and milling that suffers from a huge deficit in competitiveness and labor shortages. Unlike the coconut and mango farms that lost their entire production, sugarcane planters suffered a sugar content loss that will considerably reduce their income for the season. Unlike in mango where the recovery will take five to seven years, crucially they will have an income and have safeguarded their assets.

• apart from the larger planters who can borrow with commercial banks against real estate and other productive assets, producers are dependent on value chain players for financing. Given that this year will not see small planters generate a net income and the medium term threats to the commercial viability of the sector in the region, any financing scheme is extremely risky even for value chain players.


7. Bantayan island poultry Sector Overview The poultry sector is one of the comparative advantages of Bantayan island. in this section, we describe the poultry market pre-typhoon situation, show its seasonality, assess the damage, and map the sector and its constraints in the early recovery phase. we conclude with response options.


Bantayan island, located in the visayan Sea and to the west of Cebu island, was considered the “egg capital” of the visayas for sales across the region and nationally. as a whole Cebu province, with production concentrated in Bantayan, contributed 70% of egg produced in the Central visayas, more than 24,000mT between 2004 and 2012. production went down sharply in 2008 after the island was struck by typhoon frank but the sector recovered to about 100 raisers of layer hens in the island, with each raiser maintaining between 3,000 and 50,000 heads. Before the typhoon, the whole island had an estimated 1 million layer hens and 400,000 grower hens and chicks, and produces about 800,000 eggs per day. This would put the asset value in hens at least 210 million pesos (US$4.7 million) and the number of workers on egg producing farms at around 250.


production is constant throughout the year but demand is highest during holiday season -- november and december – and slows down during the summer season from march to may. layer hens start producing eggs at 18-22 weeks of age, and lasts until 60-70 weeks. Roughly 80% of layer hens produce one egg per day. while surviving hens need one month to recover from the stress of the typhoon and fully produce again, new hens would be of egg laying age at the earliest in april if production restarted immediately.

Month Nov. Dec. Jan. Feb. March April May June

Demand High High Low Low Low

Restart Survivors New

Table 7.1. poultry seasonal calendar


The total estimated direct damage in the egg layering industry in Bantayan island exceeds 175 million pesos across the municipalities of Bantayan, Santa fe and madridejos. Of this loss, 70% is in chicken housing and 30% in the stock itself. Typhoon yolanda caused damage to about 40% of hen houses. The hen houses destroyed by the typhoon were made of nipa or corrugated roofs. in the immediate aftermath of the typhoon, owners had to sell homeless chicken at a steep discount (i.e. 20 pesos, US$50 cents) in order to stem the losses, because the hens would stop laying eggs for one month while the owners would continually have to feed them. This distress sale allowed operators to pay their workers and to start rebuilding while limiting expenditures on inputs.


Remains of an egg production farm on Bantayan Island. The poultry farms on the island had been rebuilt after typhoon Frank in 2008. Because they provided chicken feed on credit, feed distributors stand to lose large amounts on outstanding balances and would today only accept cash for transactions

in the municipality of Batayan alone, all of 36 farms were affected with 30 of them losing their entire stock. in total, it is estimated that more than 360,000 hens were lost or culled after the typhoon.

7.4. poultry Sector Mapping

Egg layer producers, feed manufacturers, and dealers are the major employers in Bantayan island. Egg layer production businesses are family-owned businesses. in a number of cases, the family head used to earn a living through employment (e.g. as a seaman) and channeled family savings to start a small scale egg layering business. Typically, the family took out loans from a commercial bank to expand the business.

Eggs produced daily serve the consumption needs of Cebu City and nearby islands. Every week, trucks from traders and egg dealers pick up eggs from each farm for distribution to public markets and various retailers.

Two chicken feed supply companies, B-meg and wellington, have factories in Bantayan island to support egg layer production. feed prices have remained constant.

various feed dealers are also present in the island. a few egg producers serve as dealers of feeds for smaller egg producers. dealers also provide financing to producers. as a consequence, dealers both owe to the feed supply company and are owed money by their own customers. for example, one feed trader/egg producer interviewed by the assessment team served 20 small producers, 18 of which were unlikely to return to poultry production after yolanda. as the dealer had produced feed before the typhoon, his clients were in arrears of 2 million pesos

The reduction in the supply of eggs from Bantayan island

Workers unload feed in a large farm. Feed is available from the two feed supply

companies on Bantayan Island but egg production capacity has been durably

damaged

has increased the price of eggs. prior to the typhoon, each large egg was sold at 3.90 pesos apiece at farm price. after the typhoon, the price per egg increased to 4.90 pesos.


Figure 7.1. bantayan island poultry Market Map


• Egg producers who need credit to restore their former production volume are facing challenges in obtaining it from commercial banks requiring the very security that was destroyed in the typhoon, housing and hen pens. many small egg producers are discouraged and only a portion of egg producers affected, among them the largest, are seeking financing to rebuild the layer farms. These farmers are credit worthy, having a sound business model and experience in layer farming, and having received commercial bank financing in the past. Only commercial bank financing will meet the financing needs of layer farms, because interest rates from rural banks and cooperatives are too high for layer farms to make money given the razor-thin margins in egg layer business. with repeat damages from both typhoon frank and yolanda, lenders are now hesitant to provide another round of financing without demanding strong security and weather risk-mitigating measures from farmers. insurance companies will insure the houses only when layer farmers build typhoon-resistant hen houses.

7.5. Key Findings and Response Options

• Egg producers who need credit to restore their former production volume are facing challenges in obtaining it from commercial banks requiring the very security that was destroyed in the typhoon, housing and hen pens. Many small egg producers are discouraged and only a portion of egg producers affected, among them the largest, are seeking financing to rebuild the layer farms. These farmers are credit worthy, having a sound business model and experience in layer farming, and having received commercial bank financing in the past. Only commercial bank financing will meet the financing needs of layer farms, because interest rates from rural banks and cooperatives are too high for layer farms to make money given the razor-thin margins in egg layer business. With repeat

Small egg layer producers

~100

Large farms = 4

Producer-dealers

Cebu, Leyte and other markets

Boat transport

Workers ~500

Banks

Feed producing firms =2



Provincial Veterinarian World society for the Protection of Animals, Philippines Veterinary Association, Veterinary CSOs


Major disruption

Partial disruption

Traders


• The rapid recovery of the egg producers or its absence will have a knock on effects on the supply chains because of the pre-financing they owe to the feed traders, who in turn received feed on credit from the feed supply company. value chain financing will only restart once a sufficient number of primary producers have resumed production and restarted repaying their debts to traders. However, this cannot happen without infrastructure for the hens and feed requiring the intervention of a third party financer.

• as the sector consolidates towards larger poultry farms who will fill the supply gap for the discouraged farmers, it will also become more attractive to bank and each farm will reach the scale where it can build back better.


Provide credit guarantee to financialinstitutionslendingto egg layer producers

Recovery of employment and restart economic engine of Bantayan island with well identifieddemand

After two typhoons confidenceofegglayerproducer is seriously diminished

Medium; near term

Technical assistance to small producers for building durable and affordable hen houses

Limit future damage and secure repayment of loans

Scarcity of building materials

Medium; near term

Table 7.3. response options Framework for poultry


8. northern iloilo fisheries and aquaculture Sector Overview

The fisheries and aquaculture sector is one of the major economic activities in northern iloilo, combining municipal fisheries within 15 kilometers of the shore line on motorized or non-motorized boats, commercial fishing and aquaculture. in this section, we describe the fishery market pre-typhoon situation, show its seasonality, assess the damage, and map the sector and its constraints in the early recovery phase. we conclude with response options.


The visayas is one of the major fishing grounds in the philippines. northern iloilo and Capiz on northern panay island are the major contributors to fisheries production at 35% and 26% respectively. Of the total fisheries production in western visayas, 68% comes from capture fisheries and 32% from aquaculture production.

Capture fisheries in northern iloilo is a multispecies and multi-gear fishery that involves deep sea fishing on commercial boats and near-shore fishing using both motorized and non-motorized boats (municipal fisheries). in northern iloilo, there were 87 commercial fishing vessels in total, half of which were in the range of 30 to 35 gross tons and the other half in the range of 20 to 30 gross tons, employing crews of 25 to 35 and of 20 to 30 respectively. The commercial operators used the ports of Estancia and iloilo depending on their fishing grounds. more than 2500 sailors were thus employed on the commercial vessels. in Estancia there are also wild blue crab processing activities including meat picking and canning. The market for canned blue crab is Korea and Taiwan.

aquaculture production comes mainly from fishponds fish cages that dot the landscape of panay island. in northern iloilo, fish ponds are found from Barotac viejo, to ajuy, Concepcion, San dionisio, Batad, Estancia, Balasan and Carles. in iloilo, by September 2013, there were 26 registered firm farms ranging from 1 to 200 hectares with the majority ranging in size from 5 to 36 hectares. in Balasan municipality which has 500 hectares of fishponds, milkfish is the major species cultured along with a mix of other species including shrimp, king crab and sea bass. Both landed catch and cultured species are sold at the Estancia fishport Complex. The markets for cultured milkfish are local markets, Estancia fishport and eventually restaurants and city markets. Cultured king crabs are sold to local traders who exports the crab to China/macau via the Roxas City airport. Sea bass is a low volume, high value fish that is sold to restaurants in manila via the Estancia fishport traders.


Capture fisheries produce a mix of different species and the major ones noted are sardines, anchovies, scads, breams and tuna which have different seasonality. Thus, while value and mix of species may differ within the year, fishing activities occur throughout the year.


demand for aquaculture products like milkfish and crab is high during december and march/april corresponding to Christmas and Holy week season. ponds can harvest milkfish three to four times a year for local and domestic markets.

Blue crab peak season catch is in quarters 2 and 3 and peak processing follows in quarters 3-4.


The storm surges severely affected the coastal communities of northern iloilo. according to a report made on 27 november by the Office of Civil defense Region 6, damages in fisheries, totaled 871 million pesos (US$19.6 million), including 312 million pesos (US$7 million) in commercial fishing, 385.4 million pesos (US$8.6 million) in municipal fishing, and 173.5 million pesos (US3.9 million) in aquaculture. The losses estimated for commercial fishing are likely to be much higher given that a deep sea fishing vessel costs 10 to 20 million pesos (US$220,000 to $450,000). The individual cost was also high. for example, the typhoon claimed 15 victims among sailors of commercial fishing vessels in the town of Estancia.

in northern iloilo, half of the small boats were destroyed and a further third damaged to be repaired. for those who had motorized boats, the engine was safeguarded at home.

larger fishing vessel had been secured together by their owners behind the protection of an island rather than relocated further away from the path of the typhoon. The severity of the typhoon surprised everyone and the commercial vessels broke their moorings en masse. Of the 87 commercial fishing vessels based in northern iloilo, 5 were deemed repairable at the time of the assessment.

for fishpond owners, direct damage came in the form of falling dikes and the contamination of the water in the pond.

Destroyed commercial vessels in Estancia Municipality in Northern Iloilo. The boats had been anchored behind a rocky island that provides cover in case of storms. The super typhoon was so violent it washed off the boats, scattering the engines across the bay. Each of these boats employed up to 35 workers from the captain to the deck hands.


Besides the direct damage of the typhoon, in the aftermath of the report, demand decreased because of rumors circulated that the fish was feeding on corpses in the sea and the oil spill from the power barge raised fears of contamination. as a consequence, the price of fish was reported to have dropped in half immediately after the typhoon in spite of the lack of supply, before it recovered once the rumors were dispelled.

for the Estancia fishport Operator, sales have dropped by more than 50%, a reduction of 35 million pesos (US$787,000) per month, and it is likely as much as 30% of brokers will not come back in 2014. in the process the municipality also loses 585,000 pesos (US$13,000) in broker license fees. fees from brokers alone are estimated to earn the local government 2million pesos/year.

at the Estancia fishport, the equipment at the blue crab processing factory (Heron point) was also washed away, leaving 100 to 200 workers without regular employment.

8.4. Fisheries and aquaculture Sector Mapping

The three distinct operators of small fishing boats, commercial vessels and aquaculture farms come together as a sector around the fish brokers. There are about 50 licensed fish brokers operate in Estancia fishport Complex. These brokers sell the catch of fishers and the produce of aquaculture operators and earn a 5% commission on sales. Capture fishery products accounts for about 70% of their sales with the rest accounted for by aquaculture products. The brokers then sell to buyers from iloilo City and surrounding provinces (e.g. Caticlan, aklan) who come to the fishport with their trucks to buy fish on agreed schedules. The brokers sell the products on a cash basis and pass on the proceeds within a day to the fishers. Some brokers also provide financing to fishing boats operators.

Small boat operators received credit for food, fuel and nets from buyers. Everything was provided in kind and offset with the harvest. Typically, this credit was provided at cost so that the buyers could secure the supply. The buyer would then make money on aggregation, charging a fee per sack. This financing can be complemented but is generally not supplanted by microfinance. with the typhoons, small boat owners’ obligations towards their brokers still stand. Brokers then have to advance plywood, epoxy and the engine, for boat owners to carry out the repairs so that they can then supply again.

Brokers also secured the catch from commercial vessels by advancing the fuel. large vessels also benefitted from credit from equipment suppliers. The system is currently frozen and important informal obligations to value chain players and formal obligations to commercial and rural banks remain.

in relation to inputs, a Save the Children report on boat building materials notes that, owing to effective market integration, besides small increases in prices, boat materials are readily available on the market. However, large operators and brokers are facing a doubling of the cost of ice due to the disruption in the electricity supply. This rise in the price of ice, combined with the need to reach processors operating further away, have reduced margins in the supply chain.

in aquaculture, pond owners have easily repaired their infrastructure. The main issue presently in the aftermath of the typhoon has been the supply of feed and purchasing new fingerlings. aquaculture operators in catfish production – which is carnivorous, could rely on “trash fish” discarded by commercial vessels as


unfit for sale and bought for a nominal fee. This “trash fish” has become more expensive and hard to find with anemic activity at the fish port. for other operators, the input in the form of chicken manure from Bantayan has been disrupted (see poultry overview). Owners have therefore switched to commercial feed instead which is readily available. The main source fingerlings and fish fry from hatcheries have not been affected and are ready to supply fishpond owners. But with huge losses on their stock and other financial requirements like housing, owners are hard pressed to invest.


Aquaculture farms

Brokers

Small boats

Commercial vessels

Large markets

Processors

Workers ~35/ boat

Electricity/ice

Wholesalers

Fishports

Retailers /restaurants



Bureau of Fisheries and Aquatic Resources (permit, license, seasonal prohibition)

Major disruption

Partial disruption

Hatcheries Feed

Boat inputs

Traders

Local Government Unit (license, fee, tax)

CARLESANON (boat association)

Figure 8.1. northern iloilo Fisheries and aquaculture Market Map



• according to the multi-Sector/Cluster initial Rapid assessment (miRa 1), fishing inputs were the highest ranked priority for livelihoods recovery in the areas of panay and Cebu along the path of the typhoon, with more than a third of fishing equipment heavily damaged or lost. in northern iloilo, the fishing sector has been crippled in all its components including municipal fisheries, commercial fisheries, aquaculture, and processing. assets and sources of income have been literally wiped out of entire coastal communities. with cash not flowing through the systems and large pre-typhoon liabilities, financing is a standstill and will not recover until fishing assets are replaced and regular trade and income is resumed along the value chain.

• Besides value chain financing from brokers, small boat owners have been able to access microfinance in certain coastal communities. These group lending scheme lend to women borrowers. while men fish, women handle and sell the fish onshore twice a week when a trader comes. with only 10 to 20% of boats remaining in operation, this means that currently whole groups are failing. Repayments are currently on a moratorium. in the meantime, repayment strategies include tapping cash bonuses from the municipality, doing carpentry work, seeking remittances and a booming charcoal trade from the rubble. informal moneylenders (5/6 or bumbais) only lend small sums of about 1,000 pesos ($20) at a high and are not a significant factor for small fishermen.

• for large commercial fishing vessel operators, brokers and pond owners, lending is provided through the SmE operations of financial institutions including commercial and rural banks. They typically have a good track record with their lenders, but with outstanding loans they cannot repay from their fisheries assets, reduced collateral from their real estate and other businesses, lending prospects will be severely limited once financial institutions have finished their appraisals.


Cash transfers for small boat owners

Rapid recovery of livelihoods though asset and input purchases by owners themselves; avoid default of group lending and ensure value chain repaid for advances and enabling restart of value chainfinancing

Limitoverfishing;avoidillegalfishingpractices(eg.dynamitefishing)

High; immediate

Guaranteed leasing and lending to commercial operators and brokers

Rapid recovery of employment source; value chain repaid for advances and enabling restart of valuechainfinancingandflowofcashinthesystemto all actors including small boat owners

Limitoverfishing;avoidillegalfishingpractices(eg.corrals damage)

High; immediate

Technical assistance to aquaculture and lending to operators for input purchases

Ensure higher productivity; leverage functioning markets for inputs

Propensity of aquaculture farms to only make small incremental changes if any; lack of professionalism

Medium; near term

Table 8.3. response options Framework for Fisheries and aquaculture


9. northern iloilo Tourism Sector Overview

The tourism sector in northern iloilo is an emerging sector of growing importance in poor coastal and inland communities. in this sector, we describe the tourism market situation and potential before the typhoon, show its seasonality, assess the damage, and map the sector and its constraints in the early recovery phase. we conclude with response options.


in 2011, the province of iloilo and iloilo City received more than 400,000 tourists, 91% of which were domestic tourists, supported by a new airport with frequent connections to Cebu and manila. northern iloilo markets itself as an eco-tourism destination for culture, heritage, sandy beaches, natural beauty, and seafood, both on the Coast of panay island and northeast of the island on the small island groups reachable by small boats. it successfully attracts domestic tourists and a minority of backpackers interested in isolated and less travelled destinations.

The tourism sector in northern iloilo is dominated by small inland and island establishments catering to domestic tourists. it is a recently emerging sector with the first resort opened on Gigantes island less than two years ago.

in 2012, partial data from 22 establishments in the 5th district reporting to the provincial department of Tourism for January to October, shows that tourists stayed 32,533 nights in total. Two thirds of those nights were accounted for by the two largest establishments located in Estancia with more than 30 rooms each. Half of the establishments reporting had less than 10 rooms, and the other half between 10 and 20 rooms. most of these small and medium sized establishments reported very low occupancy rates, rarely exceeding 50%.

in 2007, a tourist in iloilo spent on average 5,000 pesos (113 US dollars) per day, including 2,290 pesos for hotel, 1,690 for food, 1,572 for transport, 1,532 for shopping and 1,071 on miscellaneous expenses. if we assume that tourist expenditures in northern iloilo amount to half of the iloilo average then the sector in district 5 generated 81 million pesos (1.8 million US dollars) in 2012.


as iloilo caters to domestic tourists including tourists from the region, arrivals are fairly continuous including from tourists who will stay for a long week end. The peak season for domestic tourists is on and after Easter.

Table 9.1. reported tourist nights in the 5th district of iloilo

Month Jan. Feb. March April May June July August Sept.

Nights 6,639 6,523 8,336 11,275 10,288 6,578 5,250 5,312 2,747



Municipality # of establishments

Estancia 3

Balasan 2

Barotac Viejo 3

Ajuy 4

Concepcion 5

Carles 12

San Dionisio 3

Total 32

Table 9.2. Tourist accommodation damaged or destroyed in northern iloilo

The path of the typhoon struck the northern part of iloilo where the most promising tourism sites were located. all establishments had suffered damage and at the time of the assessment only one resort in Carles, one in Estancia (catering to the humanitarian community) and one on north Gigante island could operate. none of the establishments but two had continuous power supply. Besides being unable to receive guests, with no electricity, the resorts are also unable to access the internet and take reservations. in total, 32 establishments reported damage compared to a list of 22 regularly registered and reporting to the provincial department of Tourism.

The provincial department of Tourism estimates the total damages at 37 million pesos (US $855,000). The average loss per operator is 850,000 pesos (US $18,000).

Destroyed resort on the Island of North Gigantes. The resort was about to open on December 27. Island-based resorts cater to domestic tourists and foreign backpackers interested in island hopping, cave watching, fishing and seafood. They provide alternative livelihoods like tour guiding or motorbike renting to fishermen

The typhoon also substantially damaged the natural environment upon which the tourism sector relies. Besides an oil spill due to the unmooring of the power barge off the cost of Estancia, there was substantial damage to the fauna and flora. for iloilo, the department of the Environment of Region vi reported 52 of its plantation and protected areas projects and one reforestation site damaged had been damaged.


9.4. Sector Mapping

The small establishments that make up the tourism sector in northern iloilo are largely owned by people for whom tourism is not the main source of income, professionals, returning overseas workers, local brokers and value chain players, with assets and collateral or a regular source of income. These owners have lost substantial assets but can rebuild through self-financing or if they have access to credit. from interviews with owner-operators, their appetite for credit was limited.

Besides repairing and reconstructing the resorts themselves, the tourism sector in northern iloilo is heavily dependent on and a contributor to community recovery because of its extensive input and forward linkages.

The iloilo small resorts are direct employers of typically between one to two workers each or 1 worker for two rooms on average. at present, the sector is unable to employ individuals except to repair and reconstruct the facilities. in total, among establishments regularly reporting to the department of Tourism this means about 100 direct jobs. The only exception seems to be two establishments that have been able to operate and serve the humanitarian sector.

in addition, fishermen act as tour guides for visitors interested in fishing, cave watching, and island hopping. a tour guide will earn 500 pesos per day, twice the minimum wage in agriculture in Region vi. They will also rent their boat. in total on the island of Gigantes, 40 tour guides were trained to operate on island hopping and cave tours around the group of six small islands.


Bus services to the northern iloilo towns and boat transport to the islands is operating. with no tourists, motorbike trips are limited to inhabitants. motorbike drivers would earn 20 pesos per small trip.

These sources of employment are important opportunities for livelihoods diversification and upgrading for impoverished communities.

furthermore, seafood and fresh fish is part of the appeal of northern iloilo. municipal fisheries have lost a small but direct market. while the resorts have no clients presently and so no need for supplies, they would also have difficulties accommodating clients if they did. Currently though, stakeholders report that biodiversity has increased owing to the halt in fishing.

The sector is dependent on the state of the natural and built environment for its attractiveness. The super typhoon left houses destroyed and scattered debris all along the seashore. it also “browned” the hills and mountains and further destroyed the corals. But key constraints to the growth of the sector pre-date the typhoon. Over-fishing and illegal fishing practices were issues and are likely to increase in the future such as dynamite fishing by small fishermen and commercial operations over the coral grounds.

9.5. Key Findings and Response Options

• The incipient tourism sector in Northern Iloilo was an important source of diversification with growth potential for the local economy that is intimately linked to the livelihoods of some of the poorest coastal communities in the province.

• The sector is currently inoperative and would need to be rebuilt before the peak summer season. As the establishments currently cater would domestic tourists in small cottage clusters, the establishments can rebuild step by step through self-financing from their main income source or if they receive appropriate lending. However, with low occupancy rates in the sector before the

Resorts = 32

Small fisheries Tour guides

Marine environment

Boat transport

Workers ~100

Electricity

Bus transport

Inland environment

Retailers



Provincial Department of Tourism – Regional Tourism Plan (pending)

Northern Iloilo Tourism Association; Association of Passenger Boats

One-Step Project: inclusive tourism development by DSDW, DOT, USAID


Motorbike drivers and land transport

Major disruption

Partial disruption

Figure 9.1. northern iloilo Tourism Market Map



• The incipient tourism sector in northern iloilo was an important source of diversification with growth potential for the local economy that is intimately linked to the livelihoods of some of the poorest coastal communities in the province.

• The sector is currently inoperative and would need to be rebuilt before the peak summer season. as the establishments currently cater would domestic tourists in small cottage clusters, the establishments can rebuild step by step through self-financing from their main income source or if they receive appropriate lending. However, with low occupancy rates in the sector before the typhoon, owners will be reluctant to take risks unless a strong tourism marketing campaigns sparks tourist interest.

• Recovery of the fishing sector, while preventing overfishing and illegal fishing practices, and of the natural environment is a pre-condition for the re-emergence of the tourism sector. The way assistance is provided through cash for work small infrastructure programs and fisheries rehabilitation will have a clear impact on attractiveness of the tourism sector and entail risk to its eco-tourism anchoring.


Cash for work on the rehabilitation of the natural environment (tree planting, beach cleanup, mangroves)

Immediate cash transfer to vulnerable populations contributing to growth

Labor transfer away from subsistence and farming activities; need to be paired with long term strategy to maintain the natural environment

High; immediate

Lending to existing small tourist establishments with track record of arrivals

Regeneration and diversificationofinlandand island barangays

Operators propensity towards incremental scale up rather than one-off investments; willingness to borrow and preference to self-finance

Medium; before peak season start in April

“We are open” tourism campaign and continuous updating of availability

Ensure full occupancy of currently available accommodation with spill overs in tourism supply chain

Long term damage to reputation if clients are disappointed; diluting destination tourism image with emphasis on disaster

High; February to April before peak season

Create and enforce marine sanctuaries and coral gardens

Protect the natural environment, ensure sustainability of municipal fisheries, and create space to develop fishing tourism

Limit catch for subsistence fishermen and for commercial vessels

Medium; long term

Table 9.3. response options Framework for Tourism


2013

The RECOvER assessment team was composed of:

Charles Lor – Team Leader Conrad Antonius Vasquez de Jesus – Access to Finance Ferdinand Sia – Results Measurement/Access to Finance Natalie Macawaris – Sustainable Business Advisory Viryak Sem – Sustainable Business Advisory

Acknowledgements IFC is grateful to all officials in NEDA Region 6 and of the provincial and local governments in Iloilo and Cebu who have shared their views for this assessment, to all bank and company representatives who have shared their work and challenges with us and facilitated discussions with their disaster-affected customers. The RECOvER team would also like to thank Laura Laurio for organizing the logistics and Julie Bayking and Glenn Ismael Ymata for facilitating the discussions in Iloilo and Cebu respectively. The team also benefitted from the expert advice of IFC East Asia Pacific regional experts in microfinance, agrifinance and agribusiness. Layout design provided by Kunthea Kea.

Bibliography:

Action Contre la Faim, Initial Assessment for Market Report: Iloilo, Philippines Typhoon Yolanda Response, 2 December 2013. Department of Agriculture, Cebu Provincial Agricultural Profile, 2012. Eric Bellman, “Chicken Farmers Try to Recover from the Typhoon”, Wall Street Journal, 25 November 2013. MIRA, Multi-Sector/Cluster Initial Rapid Assessment, December 2013. MIRA II, Multi-Sector Needs Assessment, December 2013. NEDA, Reconstruction Assistance on Yolanda, December 2013. NEDA 6/RDRRMC 6, Western Visayas Rehabilitation and Reconstruction Plan, 2 December 2013. Province of Iloilo, 2012 Provincial Profile. Save the Children, Panay Island Market Assessment for Boat Building Inputs, 29 November 2013. WFP, Trade Capacity Assessment, December 2013.

Documents

Rapid Economic and Credit Overview for Early Recovery Bank Typhoon...4 Rapid ECOnOmiC and CREdiT Ov ERviEw fOR EaRly RECOv y 5 Super Typhoon Yolanda struck the Philippines on 8 November