The Philippines has received more catastrophe protection with the help of the World Bank, as its government has signed up to another $500 million catastrophe contingent line-of-credit through a new Catastrophe-Deferred Drawdown Option arrangement, dubbed CAT-DDO 4.

The Philippines has benefited from these novel catastrophe contingent credit arrangements before, having had two specific Catastrophe-Deferred Drawdown Options in place before.

They have proven their worth as well, as the country drew-down from one of these arrangements back in 2018.

The Philippines received a payout of almost $500 million to assist with recovery from 2018’s typhoon Mangkhut, after the countries catastrophe contingent line of credit (CAT DDO) from the World Bank was triggered.

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