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The Department of Finance (DOF) will draw this week $80 million of the World Bank’s standby loan extended to the Philippines to support the national government’s disaster relief and rehabilitation efforts in provinces devastated by Typhoon “Odette.” Finance Secretary Carlos G. Dominguez III said th
Finance Secretary Carlos Dominguez III MANILA - The Department of Finance (DOF) will draw this week USD80 million (about PHP4 billion) of the World Bank's (WB) USD500 million standby credit line extended to the Philippines to support the national government's disaster relief and rehabilitation efforts in provinces devastated by Typhoon Odette. Finance Secretary Carlos Dominguez III said the WB's 4th Disaster Risk Management Development Program with a Catastrophic Deferred Drawdown Option (CAT-DDO4) would provide the government immediate access to funds for its ongoing efforts to ai...