The bank said any policy inaction on the part of the government to address climate change would result in around 5.7 percent to 7.5 percent reduction in GDP by 2040. READ:
It said that with 50 percent of its 111 million population living in urban areas, and many cities in coastal areas, the Philippines is vulnerable to sea level rise. Changes due to the variability and intensity of rainfall in the country and increased temperatures will affect food security and the safety of the population, it said.
Bosquet said the sectors that would be hardly hit are water, agriculture, energy, transport and urban areas.“Rainfed crops will be mostly affected and this might result in low agricultural production that will impact the farmers and the poor,” he said, adding this would eventually result in higher food prices.
“[The] Philippines needs to take action to avoid worsening the problem,” he said, citing the country’s number one ranking in the 2022 World Index in terms of vulnerability from climate change.
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