PH government studies P30-B bond float to boost Marawi rehab fund

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Metro Manila (CNN Philippines, August 10) — The government is considering raising as much as P30 billion to fund the reconstruction of war-torn Marawi City.

"Finance Secretary Carlos Dominguez III has directed the Bureau of Treasury to study the possible issuance of P30 billion-worth of debt securities to help fund the planned massive rehabilitation and reconstruction effort," the Department of Finance (DOF) said in a statement Thursday.

The planned "Marawi" bonds will add to the P25 billion set aside by the Budget Department for rehabilitation efforts in the city.

"These are what you would call 'patriotic' bonds to help augment the funds that the government has set aside for Marawi's rehabilitation," Dominguez said at a recent DOF executive committee meeting.

The Marawi bonds may have a maturity of 20 years, Dominguez said. There is no date yet on the bond issuance.

Budget Secretary Benjamin Diokno announced that at least P25 billion has been earmarked from the 2017 and 2018 funds of the National Disaster Risk Reduction and Management Council for projects to rebuild Marawi.

Fighting continues between government forces and a handful of Maute fighters putting up a resistance in a small portion of Marawi, the capital of the largely Muslim province of Lanao del Sur.

As the military closes in on Maute, plans are underway to rebuild Marawi, which had a population of more than 210,000 before the evacuation of almost all residents. It is a key city in the Bangsamoro region under the proposed Bangasamoro Basic Law that will be filed in Congress.

READ: Gov't creates interagency task force for Marawi rehab