climate change cost

Climate change costing PH $241M yearly, says study

The Philippines yearly loses millions of dollars in direct damage to properties, livelihood and crops due to climate-related natural disasters, according to a senior research fellow at the Philippine Institute for Development Studies (PIDS).

Danilo C. Israel said in a paper posted on the PIDS website that from 1990 to 2009, the Philippines suffered $4.813 billion in direct damage, or an average of $240.7 million per year, due to weather and climate-related disasters.

In the decade starting 2000, total losses from damage were placed at $2.121 billion, lower than the total damage of $2.602 billion in the 1990s.

There was also indirect damage, such as the impact of agricultural damage on other sectors of the economy through increases in the prices of goods and services. Forms of indirect damage, whenever possible, will also have to be accounted for. However, the available secondary data on economic damage available at present only reflect direct damage and thus, the figures presented below are only the conservative estimates of the total damage.

Read more at Philippine Daily Inquirer