MANILA: Finance Secretary Ralph Recto Ralph Recto on Wednesday said the Department of Finance (DOF) is ready to tap USD500 million of standby credit line extended by the World Bank to the Philippines to support the government's disaster relief and rehabilitation efforts in areas devastated by typhoon Carina. 'These funds will be immediately withdrawn and released once the President declares a state of calamity," Recto said in a statement. "This will allow us to rapidly deliver critical services like healthcare, shelter, and food to those affected by typhoon Carina as well as fund post-disaster emergency response, recovery, and reconstruction efforts,' he added. Approved by the World Bank's Board of Executive Directors in November last year, the Philippines Disaster Risk Management and Climate Development Policy Loan with a Catastrophe Deferred Drawdown Option (CAT-DDO5) set aside USD500 million that the Philippine government can quickly draw upon when major natural disasters or health crises hit. The CAT- DDO5 forms part of the Philippines' Disaster Risk Financing Insurance strategy, which aims to maintain sound fiscal health at the national level, develop sustainable financing mechanisms for local government units, and reduce the impact on the poorest and most vulnerable. Source: Philippines News Agency