P35.1 billion in pledges raised for Marawi rebuilding: DOF

ABS-CBN News

Posted at Nov 28 2018 02:57 PM

A woman reacts as white balloons are released to mark 1 year since the start of the 5-month long Marawi City siege on May 23, 2018. Jonathan Cellona, ABS-CBN News

MANILA -- The Philippines received $670 million (P35.1 billion) in pledges from international donors to help rebuild Marawi City, Finance Secretary Carlos Dominguez said Wednesday.

The total includes P32.7 billion in concessional financing and P2.4 billion in grants, Dominguez said in a statement, after a pledging session in Davao City.

This will help cover the P47.2-billion requirement to rehabilitate the city. The government also plans to issue P13.5 billion in bonds.

"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.

Dominguez thanked the donors, including the Asian Development Bank, the World Bank, the International Fund for Agricultural Development and the governments of China, Japan, and Spain.

He also thanked the UN and the governments of the US, Australia, China, Germany, South Korea and Spain for their support in the Marawi reconstruction effort.

Islamic State-inspired militants laid siege on Marawi City for 5 months in 2017, prompting the declaration of martial law in Mindanao.