The government plans to sell P13.5 billion in retail IOUs to be dubbed as “Marawi bonds” to raise additional funding for the rehabilitation and reconstruction of war-torn Marawi City.
In a statement Tuesday, the Department of Finance said the Bureau of the Treasury recently reported to Finance Secretary Carlos G. Dominguez III that the initial tranche of the debt paper would have an appropriations cover equivalent to the P10-billion budget for the Bangon Marawi Comprehensive Rehabilitation and Recovery Program (BMCRRP) on top of P3.5 billion for next year.
Dominguez called this upcoming first bond issuance Marawi Bonds Series 1. “As we need money later on, we will issue more bonds,” Dominguez explained.
“The tenor of the Marawi Bonds would depend on market conditions,” Dominguez said, adding that these IOUs would appeal to patriotic citizens who would like to help rebuild the lives of their fellow Filipinos in the war-torn city.
National Treasurer Rosalia V. de Leon earlier said that action star Robin Padilla would be tapped as the “face” of the Marawi bonds.
For this bond sale, the Treasury will use the online retail treasury bond format, the DOF quoted Deputy Treasurer Erwin D. Sta. Ana as saying.
Another $64 million or P3.45 billion, meanwhile, will be financed through a pledging session with development partners this month, according to the DOF. —Ben O. de Vera