Residents of Masbate are in need of cash to purchase basic commodities and rehabilitate their communities a week after Typhoon Opong (international name: Bualoi) wiped out the province. President Ferdinand Marcos Jr. made the assessment on Wednesday during his visit to Masbate City, where he led the distribution of food packs, medicine, and cash aid, to the affected families. ‘I think we have managed to address most of the problems [in Masbate]. But the biggest issue that still needs our attention is the shortage of cash,’ the President told reporters at Nursery Elementary School, which serves as an evacuation center for Masbate City residents. ‘People cannot withdraw their own money because the banks are closed, since there is no electricity, and no internet,’ he added. The President said he had discussed the problem with Finance Secretary Ralph Recto, and the possible immediate solution was ‘to bring large amounts of cash’ to Masbate.
According to the President, he received reports that Masbate residents would withdraw money in as far as Legazpi City in Albay in mainland Bicol Region, or in nearby provinces in the Visayas. Only two branches of the Land Bank of the Philippines are open in the province, but they are in Masbate City and in Cataingan town, which is more than 70 kilometers away or a two-hour travel from the capital. ‘People are going to different places just to borrow money. But no one can loan them because of the situation,’ he said. ‘It’s a problem that we are going to have to solve very, very quickly,’ Marcos added.
‘It is very inconvenient for the people, but we will work on improving the situation as soon as possible.’ Masbate, which is under a state of calamity, was one of the hard-hit areas in Luzon and the Visayas during the onslaught of Opong, which made successive landfalls in the town of Palanas and Milagros on Sept. 26. The Department of Energy (DOE) earlier said that about P400 million will be needed to restore the electricity services in the province. Most of the towns were still struggling with power outages and limited communication lines. According to the DOE, various electric cooperatives nationwide have been arriving in Masbate to speed up restoration efforts of Masbate Electric Cooperative Inc. (Maselco), the province’s energy distributor.