PH raises $225M from WB’s CAT bonds

The Philippines has raised a total of $225 million or P11.42 billion by tapping the World Bank (WB)-issued catastrophe-linked or CAT bonds, National Treasurer Rosalia de Leon announced on Monday.

In an interview, de Leon told reporters that the government has generated financial protection of up to $75 million for losses from earthquakes and $150 million against losses from tropical cyclones for three years.