Philippines looking to cat bonds for typhoon protection

The Philippines is in talks with the World Bank about issuing "catastrophe bonds" to better protect the nation from extreme weather events such as Super Typhoon Haiyan, Finance Secretary Cesar Purisima said, Reuters reported.

Mr. Purisima said "we are looking at catastrophe bonds that would have like an insurance component.""The Philippines is among the countries that are hit by typhoons on a regular basis," he added.

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