BTr eyes Marawi bond issuance by October 2018

MANILA, Philippines — The Bureau of the Treasury (BTr) is targeting to issue Marawi bonds by October or November this year, a top official said yesterday.

In an interview, National Treasurer Rosalia De Leon said the government is eyeing to proceed with the retail issuance of the Marawi bonds by October or November.

However, De Leon said the volume and timing of the issuance would depend on the budget requirements for the rehabilitation of Marawi City, which has yet to be finalized.

“We are waiting for the program, what are really the projects of the Task Force Bangon Marawi,” De Leon said.

“It depends because once we’re able to determine the requirements we would be able to raise the funds,” she said.

Earlier, the Department of Finance (DOF) said the rehabilitation and reconstruction of Marawi City is estimated to cost about P62 billion over the next five years.

Finance Secretary Carlos Dominguez said the government is working on the funding mix for the program.

According to Dominguez, about P40 billion of the total requirements may be raised through the issuance of Marawi bonds, which will be structured as retail bonds in several tranches.

He said a portion of the funding requirement would also come from official development assistance extended by the country’s development partners.

The government has also appropriated P10 billion under the 2018 General Appropriations Act for the rehabilitation program.