Finance chief allays traders’ fears

Finance Secretary Carlos Dominguez III
INQUIRER FILE PHOTO/JOAN BONDOC

The head of the Duterte administration’s economic team has assured businessmen that the end to the fighting between government forces and Islamic State supporters in Marawi City is “coming soon” while the government prepares for the reconstruction and rehabilitation of the city.

Quicker solution

“Of course, [the ongoing conflict] will bother normal businesses. We know that tourism has dropped in the Mindanao area, and people are worried about that. So I guess the business people are looking for a quicker solution, and I believe it is coming soon,” Finance Secretary Carlos G. Dominguez III told reporters on Wednesday.

Citing reports by the military, Socioeconomic Planning Secretary Ernesto M. Pernia added that “the light at the end of the tunnel is becoming clearer.”

In a statement on Thursday, the Department of Finance said Dominguez ordered the Bureau of the Treasury to look into a possible issuance of P30 billion in government securities to be dubbed as “Marawi bonds” to finance the reconstruction and rehabilitation of the city flattened by two months of fighting.