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Vida Chiong, deputy commissioner of the Philippine Insurance Commission, has said that the country's finance department is once again "contemplating" issuance of a catastrophe bonds as it looks to strengthen its ability to finance the nation's recovery following huge catastrophe events, Artemis.bm reports.
The country has been in talks with the World Bank and United Nations for some years.
The Philippines could either use the World Bank MultiCat program or Capital-at-Risk Notes program to secure disaster risk financing from capital markets and insurance-linked securities investors.