Scores of residents leave Barangay Ucab in Itogon, Benguet on September 16, 2018 after a massive landslide buried several houses at the height of typhoon Ompong's onslaught. Jonathan Cellona, ABS-CBN News

MANILA -- Finance Secretary Carlos Dominguez said Tuesday the government was considering tapping a $500 million loan from the World Bank to aid government's response to typhoon Ompong (Mangkhut).

Dominguez said the National Disaster Risk Reduction and Management Council would recommend to President Rodrigo Duterte the declaration of a state of calamity to access the loan.

"Should the President declare a state of calamity, we will be able to access a $500 million loan from the World Bank at very reasonable rates," Dominguez told reporters.

Ompong tore through farmlands in North and Central Luzon on Sept. 15, triggering floods and landslides that killed dozens. The Department of Agriculture estimated damage at P14 billion, P8.97 billion of which were to rice crops and P4.5 billion to corn

Dominguez said a full assessment of the storm damage was ongoing.

Bangko Sentral ng Pilipinas Deputy Governor Diwa Guinigundo, citing preliminary reports, said damage was "isolated and confined to certain areas."

"We don’t see generalized effects on supply logistics or even in terms of production," he said.