DOF encourages banks to open a branch in Marawi

MANILA, Philippines — The Finance department will encourage banks to resume operations in strife-torn Marawi to spur economic activity after the security threats in the city are resolved.

 

Finance Secretary Carlos Dominguez said banks would provide small businesses in the city access to capital.

 

“We will encourage the banks to open there. Because there are no banks open there. Can you imagine? You are a Marawi resident and you have to go to Iligan to encash a check or what. It’s really very inconvenient,” Dominguez told reporters Thursday in Malacañang.

 

“We want to make sure the banks are open so the microfinancing programs can go ahead. So we really encourage the microfinance, we will encourage for rebuilding. That’s the most important,” he added.

 

READ: Supplemental budget eyed for Marawi rehab

 

A total of 351 terrorists, 85 government troopers and 39 civilians have died since fighting erupted in Marawi City last May 23. The conflict has also displaced more than 300,000 people, according to disaster management officials.

 

The government has yet to estimate the amount of damaged property and affected businesses because security forces are still clearing the city of terrorists.

 

While officials could not say when government troops would retake Marawi, President Rodrigo Duterte has already created an interagency task force that would handle the rebuilding efforts in the city. 

 

Task Force Bangon Marawi was formed through Administrative Order No. 3 signed by the president last June 28. Officials clarified though that the rebuilding of Marawi could only start once the terrorist threat in the city is eradicated.

 

READ: Government allots P10 B for Marawi rehab

 

Defense Secretary Delfin Lorenzana was named chairman of the task force while Public Works Secretary Mark Villar was designated vice chairman. 

 

The members of the task force include Armed Forces chief Gen. Eduardo Año, Education Secretary Leonor Briones, Budget Secretary Benjamin Diokno, Energy Secretary Alfonso Cusi, Health Secretary Paulyn Ubial, Information and Technology Secretary Rodolfo Salalima, Interior and Local Government Acting Secretary Catalino Cuy, Science Secretary Fortunato dela Peña, Social Welfare Secretary Judy Taguiwalo, Trade Secretary Ramon Lopez, Transportation Secretary Arthur Tugade, Socioeconomic Planning Secretary Ernesto Pernia, Technical Education and Skills Development Director-General Guiling Mamondiong, Cabinet Secretary Leoncio Evasco Jr., Philippine National Police chief Dir. Gen. Ronald dela Rosa and Civil Defense Administrator Ricardo Jalad.

 

The chiefs of the Local Water Utilities Administration, Mindanao Development Authority, National Electrification Administration and National Housing Authority and a representative of the Office of the President are also members.

 

Duterte has said he would allot P20 billion to rehabilitate the battle-ravaged city.