The government can tap a $500-million loan from the World Bank to rehabilitate areas devastated by Typhoon Ompong, the Finance department said on Tuesday.

“Should the President declare a state of calamity, we will be able to access a $500 million loan from the World Bank at very favorable terms and interest rates,” Finance Secretary Carlos Dominguez 3rd said at the sidelines of a government briefing on the economy.

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