DOF eyes P30-B bonds for Marawi rehab

MANILA, Philippines - The Department of Finance (DOF) said yesterday it is considering the possible of issuance of P30 billion in bonds to fund the rehabilitation of Marawi City.

Finance Secretary Carlos Dominguez said he has directed the Bureau of the Treasury (BTr) to study the possible bond float.

He said the bonds’ tenor could possibly be as long as 20 years.

The planned “Marawi bonds” is seen to appeal to the sense of duty of the Filipinos to help rebuild the lives of those affected by the terrorist conflict in Marawi City, according to Dominguez.

“These are what you would call ‘patriotic’ bonds to help augment the funds that the government has set aside for Marawi’s rehabilitation,” Dominguez said.

National Treasurer Rosalia De Leon expects strong participation from the market should the government push through with the bond float.

“We see strong participation to help in the rehabilitation and recovery of Marawi as it appeals to our sense of solidarity,” De Leon said.

President Duterte ordered the creation of Task Force Bangon Marawi to implement the rehabilitation plan for Marawi.

The Department of Public Works and Highways is expected to come up with the master plan for these efforts.

Budget Secretary Benjamin Diokno said the government has earmarked P15 billion in the next two years — P5 billion in 2017 and P10 billion in 2018 — for the rehabilitation program.