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Philippines nears issuance of catastrophe bond: Official

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Cesar Purisima, secretary of the Philippine Department of Finance, has said that the country is in the final stages of discussions for issuing a catastrophe bond that would enhance its resilience to natural disasters, Philstar.com reports.

Mr. Purisima said that the cat bond may be issued this year in an amount "between $100 million and $300 million." The Philippine government is working with the World Bank on the mechanisms of the bond.

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