The World Bank has released 500 million U.S. dollars to support the Philippines' recovery and reconstruction efforts in areas heavily affected by Typhoon Kalmaegi, the multilateral lender said on Friday.

Citing data from the National Disaster Risk Reduction and Management Council (NDRRMC), the bank said more than 5 million people across over 400 municipalities and cities were affected by Kalmaegi, which caused injuries, deaths and widespread damage to homes, agriculture, and critical infrastructure such as roads, bridges, seaports and airports.

Typhoon Kalmaegi made landfall on Nov. 4. Just five days later, the country was struck by Super Typhoon Fung-wong, which affected nearly 8 million people across more than 900 municipalities and cities, compounding humanitarian and recovery challenges.

The World Bank said the newly released financing will help the government scale up relief operations, repair damaged infrastructure, and restore essential services in the hardest-hit regions.

"During calamities, time is of the essence and having a readily available contingent financing is crucial in saving lives, responding quickly, and facilitating the resilient recovery of those hardest hit by disasters," said Zafer Mustafaoglu, division director for the Philippines, Malaysia, and Brunei.