We understand that the World Bank has been put on notice as the Philippines government hopes to trigger the $500 million catastrophe contingent line-of-credit it can receive through its Catastrophe-Deferred Drawdown Option arrangement, dubbed the CAT-DDO 4.
The Philippines government signed up to the $500 million catastrophe contingent line-of-credit back in November, as we reported at the time.
The financing facility is designed to proivde US $500 million of capital to the Philippines government to help it manage the financial impacts of natural or man-made disasters and disease outbreaks and can be triggered, or activated, on a state of emergency declaration.
