Government needs P72.5B to rehab Marawi

FINANCE Secretary Carlos G. Dominguez III said P72.5 billion is needed to rehabilitate Marawi City over the next five years.

“Of this amount, P42.7 billion is needed for the Bangon Marawi Comprehensive Rehabilitation and Recovery Program. The financing requirement will also include P17.2 billion that will be spent to rehabilitate the most affected areas and a P1.25 billion for livelihood assistance,” Dominguez said in a press conference during the Sulong Pilipinas Philippine Development Forum at SMX Convention Center in SM Lanang Premier on Wednesday, November 28.

Dominguez said the funds will be sourced locally and should be enough to support the rehabilitation of the city, which was destroyed during the armed conflict between the government troops and the Maute Group in May to October 2017.

“Lastly, the financing requirement also includes P6.9 billion attributed to human assistance during the early stages of the rehabilitation of Marawi City,” Dominguez said.

The finance secretary added Philippines has already received P35 billion in pledges from the international community. This includes P32.5 billion in concessional financing and P2.4 billion in grants.

Foreign governments like the United States, Australia, Germany, China, Japan, Spain, and South Korea showed their support by financing the Bangon Marawi recovery program.

Spearheading the rehabilitation is the Task Force Bangon Marawi (TFBM), the committee created by President Rodrigo Duterte and headed by Housing Secretary and chair Eduardo del Rosario.