Marawi Bond issuance possible by Q4

Manila -- Issuance of the planned Marawi Bond may happen either in October or November this year once funding requirements have been finalized, National Treasurer Rosalia De Leon said.

In an interview at the sidelines of the budget hearing in the House of Representatives Monday, De Leon said date of issuance of the planned securities depends on when Bangon Marawi will submit its rehabilitation proposals and the necessary funding.

The government has allocated P10 billion under the 2018 national budget for the rehabilitation of war-torn Marawi City.

Aside from this budget, the rehabilitation effort has also received funding commitments from other sources.

Earlier, it was reported that the rehabilitation would need around P60 billion to P80 billion, with the latter including the amount for compensation for those who lost their real properties.

“We’re just waiting for the amount that are needed for the projects to be set by Bangon Marawi,” De Leon said in Filipino, referring to the group established to spearhead the rehabilitation and reconstruction of Marawi City.

She said the Bureau of the Treasury (BTr) has readied its system for the debt paper issuance, which would be in the form of Retail Treasury Bond (RTB).

“We are ready. We have the online system already in place,” she added.