MANILA: The Philippines' finance ministry said on Sunday it was exploring a plan to sponsor a catastrophe bond issue, similar to the one launched by the World Bank early this year covering Latin American earthquakes.
The so-called cat bonds would help cover disaster-related risks in the country, the Department of Finance (DOF) said in a statement. The Southeast Asian country is often hit by earthquakes and strong typhoons.
The DOF said it was also looking at offering peso-denominated securities to offshore investors, such as Global Depositary Notes (GDN).
Finance Secretary Carlos Dominguez discussed the proposals with executives of Citigroup on the sidelines of the International Monetary Fund-World Bank meetings in Indonesia, the DOF said.
Under the cat bond proposal, the Philippine government would serve as sponsor, with the World Bank issuing the bond to qualified investors, the DOF said, without mentioning any issue size.
"Depending on the insurance coverage and its trigger, the Philippines as sponsor of the cat bonds will get paid the principal contributed by investors if a catastrophe occurs," it said.
Cat bonds are attractive to investors looking to diversify their portfolios such as hedge fund investors and asset managers, it said.
The World Bank launched a $1.4 billion cat bond early this year covering Latin American earthquakes, the largest earthquake cat bond on record.
Dominguez also said the Philippines was open to Citi's proposal on launching GDNs, which would help diversify the country's investor profile and boost the liquidity available in the domestic economy.
Philippines mulls sponsoring catastrophe bond issue
Philippines mulls sponsoring catastrophe bond issue
- The so-called cat bonds would help cover disaster-related risks in the country
- Under the cat bond proposal, the Philippine government would serve as sponsor, with the World Bank issuing the bond to qualified investors
Saudi Arabia ranks 2nd globally in digital government, World Bank 2025 index shows
WASHINGTON: Saudi Arabia has achieved a historic milestone by securing second place worldwide in the 2025 GovTech Maturity Index released by the World Bank.
The announcement was made on Thursday during a press conference in Washington, DC, which evaluated 197 countries.
The Kingdom excelled across all sub-indicators, earning a 99.64 percent overall score and placing it in the “Very Advanced” category.
It achieved a score of 99.92 percent in the Core Government Systems Index, 99.90 percent in the Public Service Delivery Index, 99.30 percent in the Digital Citizen Engagement Index, and 99.50 percent in the Government Digital Transformation Enablers Index, reflecting some of the highest global scores.
This includes outstanding performance in digital infrastructure, core government systems, digital service delivery, and citizen engagement, among the highest globally.
Ahmed bin Mohammed Al-Suwaiyan, governor of the Digital Government Authority, attributed this achievement to the unwavering support of the Saudi leadership, strong intergovernmental collaboration, and effective public-private partnerships.
He highlighted national efforts over recent years to re-engineer government services and build an advanced digital infrastructure, which enabled Saudi Arabia to reach this global standing.
Al-Suwaiyan emphasized that the Digital Government Authority continues to drive innovation and enhance the quality of digital services, in line with Saudi Vision 2030, supporting the national economy and consolidating the Kingdom’s transformation goals.
The 2025 GTMI data reflects Saudi Arabia’s excellence across key areas, including near-perfect scores in core government systems, public service delivery, digital citizen engagement, and government digital transformation enablers. This balanced performance places the Kingdom firmly in the “Grade A” classification for very advanced countries, demonstrating the maturity of its digital government ecosystem.
Saudi Arabia’s progress in the index has been remarkable: from 49th place in the 2020 edition, to third in 2022, and now second in 2025, confirming its status as a global leader in digital transformation and innovation.
The achievement also reflects the Kingdom’s focus on putting people at the center of digital transformation, enhancing user experience, improving government efficiency, and integrating artificial intelligence and emerging technologies across public services.
