Marawi siege
Soldiers commute on a military truck past destroyed buildings in Marawi on the southern island of Mindanao on May 23, 2019. Two years after the Philippine city of Marawi was overrun by jihadists it remains in ruins, with experts warning that stalled reconstruction efforts are bolstering the appeal of extremist groups in the volatile region.
Noel Celis/AFP
DOF: ‘Marawi bonds’ to be issued when 'cash-intensive' rehab phase starts
( - June 13, 2019 - 6:47pm

MANILA, Philippines — The Department of Finance said Thursday the government will issue the so-called Marawi bonds once building of large-scale infrastructure projects in the war-torn city starts.

In a statement, the DOF said the government is studying several features to make the Marawi bonds attractive to investors in a bid to raise more funds for the “cash-intensive phase” of the rehabilitation plan.

Several “structures” being explored by the government to lure investors include securing the approval to make the Marawi bonds eligible as alternative compliance to the Agri-Agra Reform Credit Act (Republic Act 10000), and retail bond buyers, National Treasurer Rosalia de Leon said,

RA 10000 allows banks to invest a portion of their investible funds mandated to be set aside as loans for farmers, fisherfolk and other agriculture-based workers in government-listed priority programs.

“When we start getting into the bigger expenditures, then we will be issuing the Marawi bonds,” Finance Secretary Carlos Dominguez III said.

In May 2017, President Rodrigo Duterte imposed martial law across Mindanao on the day the principal Islamic city of Marawi was stormed by heavily-armed homegrown extremists who pledged allegiance to ISIS.

After five months of fighting, Duterte declared Marawi liberated from extremists. But fixing the city has been repeatedly delayed.

According to the DOF, the Philippines received a total of P35.1 billion (about $670 million) in pledges for concessional financing and grants from the international community to aid in the rehabilitation and reconstruction efforts for Marawi. 

The pledges came from the Asian Development Bank, World Bank and International Fund for Agricultural Development, as well as from the governments of Japan, China and Spain.

The United Nations and the United States, Australia, China, Germany, Japan, Korea and Spain also extended aid in the form of technical assistance and preparatory support needed to ensure the implementation of the rehabilitation and recovery program. — Ian Nicolas Cigaral

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