Typhoon-lashed Philippines weighs catastrophe bonds to cut costs

The Philippines, which suffered $13 billion of damage when Super Typhoon Haiyan tore through the country in 2013, is looking at defraying the costs of future calamities with catastrophe bonds, reports the Chicago Tribune.

According to the article, the government is in talks with the World Bank on a possible foreign-currency offer of the notes. "Among the greatest threats to the Philippine growth story is our heightened exposure to disaster risk," said National Treasurer Roberto Tan in a March 14 interview near Cebu City. The World Bank might issue the notes on the country's behalf, he said this week.