P35.1 billion loans, grants for Marawi rehab

MANILA, Philippines — The country’s foreign development partners have pledged P35.1 billion in financial support for rehabilitation efforts in Marawi, according to the Department of Finance.

Finance Secretary Carlos Dominguez said P32.7 billion is in the form of concessional loans and P2.4 billion in grants.

“We thank the solidarity and generosity of our development partners who took part in this humanitarian effort. We assure you we will continue to work harder in the coming days to hasten the recovery and rehabilitation of this city,” Dominguez said during the pledging session.

The Asian Development Bank, World Bank and International Fund for Agricultural Development were among those that pledged support for the Bangon Marawi Comprehensive Rehabilitation and Recovery Program (BMCRRP).

The governments of China, Japan and Spain also offered financial assistance.

Dominguez said the United Nations, United States, Australia, China, Germany, Japan, Korea and Spain also provided technical assistance and preparatory support to ensure the successful implementation of the BMCRRP.

Dominguez said the UN and its specialized agencies as well as the governments of Australia, Italy, Japan, South Korea and the US together with their private sector partners supported relief operations and contributed P6.9 billion in humanitarian assistance.

The rehabilitation of Marawi is estimated to cost P72.58 billion over a five-year period or until 2022.

Of the amount, P47.20 billion is earmarked for the BMCRRP while P17.20 billion will be used to rehabilitate the most affected areas. About P1.25 billion is allotted for livelihood assistance.

The overall financing requirement includes P6.9 billion in humanitarian assistance during the early stages of the recovery program.