First, there is the ‘physical risk’ stemming from progressive climate change, in particular involving an increase in temperatures, greater irregularity in rainfall patterns and an increased probability of extreme weather events. According to all the main climate change scenarios, Italy will be the European nation that is most exposed to damage caused by its rivers flooding.
As the CRD will augment the access of SMEs to credit, it will lead to their enhanced productivity and competitiveness and also generate much-needed jobs and source of income for many Filipinos. Indeed, the project will provide long-term support to SMEs. I want to thank the Government of Japan and JICA for their commitment towards socio-economic development in the Philippines.