By: Argyll Cyrus B. Geducos
The Philippines will issue bonds to finance the rehabilitation of war-torn Marawi City, Malacañang said yesterday.
Department of Budget and Management Secretary Benjamin Diokno said the specifics and terms of the planned bonds issuance starting January 2018 are now being finalized.
Presidential spokesperson Ernesto Abella, in a Palace press briefing, said Department of Finance Carlos Dominguez III has directed the Bureau of the Treasury to study the possible issuance of P30 billion in bonds after the President originally committed at least P20 billion to rehabilitate Marawi.
“The President has committed ample funds to rebuild Marawi and the January bonds will ensure that this pledge is fulfilled,” Abella said.
According to the Palace official, the government is hoping to tap local and global markets, as well as Islamic investors in the Association of Southeast Asian Nations and the Middle East.
Abella assured transparency in the rehabilitation, rebuilding, and reconstruction of Marawi.
“In this rebuilding, all outlay will be tracked and be posted online and we look with anticipation on the rising of Marawi,” he said.
Diokno said the DBM has not come up with a definite budget but has committed P5 billion for the rehabilitation of Marawi.
