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Philippines gets $500 million catastrophe contingent line of


The Philippines has received a $500 million catastrophe contingent line of credit from the World Bank, reported

The facility has a drawdown period of three years and can be renewed up to four times for a total of 15 years. The catastrophe contingent credit line will help the nation to "strengthen investment planning and regulations to reduce disaster risks and help manage the financial impacts when disasters strike," said the World Bank.

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