function wc_replace_policy_page_link_placeholders( $text ) {
	$privacy_page_id = wc_privacy_policy_page_id();
	$terms_page_id   = wc_terms_and_conditions_page_id();
	$privacy_link    = $privacy_page_id ? '<a href="' . esc_url( get_permalink( $privacy_page_id ) ) . '" class="woocommerce-privacy-policy-link" target="_blank">' . __( 'privacy policy', 'woocommerce' ) . '</a>' : __( 'privacy policy', 'woocommerce' );
	$terms_link      = $terms_page_id ? '<a href="' . esc_url( get_permalink( $terms_page_id ) ) . '" class="woocommerce-terms-and-conditions-link" target="_blank">' . __( 'terms and conditions', 'woocommerce' ) . '</a>' : __( 'terms and conditions', 'woocommerce' );

	$find_replace = array(
		'[terms]'          => $terms_link,
		'[privacy_policy]' => $privacy_link,
	);

	return str_replace( array_keys( $find_replace ), array_values( $find_replace ), $text );
}