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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 aid the recovery of "Odette"-hit areas. "This week, the DOF will draw USD80 million from the World Bank disaster financing loan to fund the amount with cover in the 2021 budget," Dominguez said. He added the Philippine government would draw another USD120 million from the same WB standby loan facility in the first week of January when the loan cover would be available in the 2022

Philippines generalDavao orientalRodrigo duterteDepartment of financeSenate minority leader franklin drilonWorld bankDisaster risk management development programCatastrophic deferred drawdown optionSenator juan edgardo angaraWestern visayasCentral visayasEastern visayasNorthern mindanaoPhilippine disaster risk financing insuranceFinance secretary carlos dominguez iii manila the department of dof will draw this week usd80 million about php4 billion world bank 39s wb usd500 standby credit line extended to philippines support national government disaster relief and rehabilitation efforts in provinces devastated by typhoon odette said 4th risk management development program witha catastrophic deferred drawdown option cat ddo4 would provide immediate access funds for its ongoing aid recovery quot hit areasHe dof will draw usd80 million from the world bank disaster financing loan to fund amount with cover in 2021 budget