The true cost of natural calamities
The impacts of natural disasters are devastating to any economy. Multiple hazards brought by natural events impact public infrastructure, including roads, bridges, water and power utilities, hospitals and schools, government buildings, and agriculture. In 2022 alone, the Philippines was hit by 18 tropical cyclone events, most of which were tropical depressions. The most catastrophic typhoon in recent history was Typhoon Yolanda or Haiyan in 2013, causing over 95 billion Philippine pesos in financial damages. In addition, about 7,000 people were reported dead, and nearly 30,000 went missing.Aside from typhoons, the country is also susceptible to earthquakes, ranging in magnitude from two to seven. In 2021, over 12,600 earthquake events were registered in the Philippines, the strongest of which hit the regions of Davao Oriental and Davao Occidental, both having a magnitude of 7.1. Another high-intensity earthquake struck the island of Luzon in 2019 with a magnitude of 6.1, leaving several people dead or injured. The Philippines is home to nine active volcanoes, nearly half of which are located on the island of Luzon.
