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PH gets P35.1B in pledges to rehabilitate war-torn Marawi City

By: - Reporter / @bendeveraINQ
/ 04:15 PM November 28, 2018

Development partners and multilateral lenders have pledged a total of P35.1 billion in financial support for the rehabilitation and reconstruction of war-torn Marawi City.

During the pledging session held in Davao City on Wednesday, the following countries and institutions committed P32.7 billion in concessional financing on top of P2.4 billion in grants: China, Japan, Spain, Asian Development Bank (ADB), World Bank (WB), and International Fund for Agricultural Development (IFAD).

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Meanwhile, Australia, China, Germany, Japan, South Korea, Spain, US, ADB, WB, as well as the United Nations (UN) will extend technical assistance to implement the Bangon Marawi Comprehensive Rehabilitation and Recovery Program (BMCRRP) in areas outside ground zero, the Department of Finance (DOF) said in a statement.

Also, DOF Secretary Carlos G. Dominguez III acknowledged the earlier relief and humanitarian grant assistance worth P6.9 billion that came from the UN and its agencies, Australia, Italy, Japan, South Korea, and US.

“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.

The Finance chief said these pledges the government raised alongside the P13 billion in so-called “Marawi bonds” to be issued soon will already cover the BMCRRP’s entire P47.2-billion financing requirement.

For the entire Marawi City, including ground zero, the government must shell out a bigger P72.6 billion in the next five years until 2022, Dominguez said.

“Of this amount, P47.2 billion is needed for the BMCRRP; P17.2 billion that will be 100-percent sourced from local funding will be spent to rehabilitate the most affected areas; and P1.25 billion will be spent for livelihood assistance, which would also be fully sourced from local funds,” he explained.

“The overall financing requirement also includes the P6.9 billion in humanitarian assistance required during the early stages of the recovery program for Marawi,” he also said.

According to Dominguez, the bulk or 58 percent of the overall financing needs for Marawi City’s reconstruction and rehabilitation will be culled from foreign sources. /kga

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