IslamicFinance.de

The #Philippines House of Representatives has approved the government’s plan of tapping the bond market to finance the reconstruction of Marawi City. Ben P. Evardone said the Bureau of Treasury should pursue the issuance of a P50-billion 'Marawi Bond' considering the low interest rates prevailing in the market. By tapping the bond market to finance Marawi’s reconstruction, the lawmaker said this will free up a huge part of the regular budget for government’s other programs. According to Budget Secretary Benjamin E. Diokno, the government would allocate P15 billion to Marawi City in the next two years. He also added the tax settlement paid by Mighty Corp. and Philippine Airlines would be used to finance the rehabilitation of the war-torn city.