Gov & # 39; t makes a commitment for Marawi rehab

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THE GOVERNMENT is organizing a promise session in November to seek funding from development institutions for the rehabilitation of the scarred Marawi City.

The Treasury Department (DoF) said Monday in a press release that "the promise session to be held in the last part of November would support the implementation of the comprehensive recovery and recovery program of Bangon Marawi."

This was after a Filipino delegation led by cabinet officials last week had their counterparts in China to discuss such possible funding and invited Beijing to participate in the pledge day.

Minister of Finance Carlos G. Dominguez III was quoted in the words of the Chinese trade minister Zhong Shan: "The active support and participation of your government would be greatly appreciated" during their meeting. "We recognize … that China was one of the first countries to respond to our immediate needs in our rehabilitation and reconstruction effort in Marawi City."

China has donated $ 3 million in heavy equipment for the rehabilitation of Marawi in October last year, which "helped tremendously in preparing the temporary shelters for the displaced residents of the city", according to the DoF.

October marked the end of the five-month battle in Marawi between Filipino troops and militia-inspired militants.

The most recent data from Task Force Bangon Marawi brings the total cost of rehabilitation of the city to about P86.5 billion, including government-led construction outside the worst hit area, reconstruction of land zero under a public-private partnership and assistance at livelihood.

So far, the budget of 2018 has allocated P10 billion for the rehabilitation of the city.

Apart from the commitment session, the government will also raise funds through the sale of private government bonds intended for reconstruction.

Mr. Dominguez said that the DoF is considering disposing of such bonds for 40 billion euros through tranches of P10 billion a year.

"We will definitely spend it in installments because we do not have to borrow more than what we need for that year … We have already budgeted P10 billion, so we'll … get more information about how much is really needed and what data, "the Finance Chief said.

The national economic and development authority has said that the United States, Spain, Australia, the World Bank and the Asian Development Bank have indicated from June that they are interested in providing financial support.

The Japanese government has already provided a subsidy of ¥ 2 billion on the basis of an agreement that was inked in May. – Elijah Joseph C. Tubayan

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