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By Chino S. Leyco
The Ministry of Finance (DOF) said the government is working on the combination of funding for the five-year rehabilitation and reconstruction plan of the devastated city of Marawi
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In a statement, the Secretary of Finance Carlos G. Dominguez III said that the report of the chairman of the Task Force Bangon Marawi (TFBM) estimated Eduardo del Rosario the cost of reconstruction to reach P62 billion.
Dominguez said around P10 billion of the total budget for the Marawi Rehabilitation Program has already been included in the General Law of Credits of the Government this year, hence the need to explore ways to fund the additional amount of P52 billion.
"Now that we have a difficult number, we will now go to the details of where the money will come in. Some parts of the money will come from grants," Dominguez said.
Japan and China are among the various countries that have pledged to provide grants to help rebuild the city of Marawi.
This is not immediate, so it's more than five years and there is a progression – the total is 62 billion pesos. Dominguez said that the rehabilitation budget would cover the use of heavy equipment and the government's plan for the acquisition of certain properties in the area
. Dominguez said Dominguez also said the finance department is currently planning the timetable for the publication of the Marawi bonds in order to generate additional funds for the rehabilitation and reconstruction of the city.
He also stated that the DOF thought to issue the bonds in several installments.
"We will definitively issue it in installments because we should not borrow more than we need for this year … We have already budgeted 10 billion pesos, so we will go for more details on what is actually required and on what dates, "said Dominguez
. pursue Marawi bonds as retail treasury bonds "so that people really feel that they are participating in the reconstruction of the city of Marawi."
The bond content would depend on market conditions and the issuance could be 10 billion pesos a year, Dominguez said that Dominguez had launched the last year the idea of 39, issue bonds to help finance the rehabilitation of the city of Marawi. 19659007] He previously ordered the Treasury Bureau to study the issuance of debt securities. He said the links would appeal to citizens who would like to help rebuild the lives of their Filipino compatriots in the war-torn city.
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