FINANCE Secretary Carlos G. Dominguez III assured potential investors in Singapore that the Marawi City occupation will end soon, after fighting in the southern city broke out nearly three months ago.

Speaking at the Singapore Regional Business Forum, an investment roadshow, on Tuesday, Mr. Dominguez said: “The situation in Marawi City on the island of Mindanao represents the threat posed by extremism everywhere. That situation has been contained and will soon be resolved.”

The roadshow represents the first leg of the government’s series of international briefings in the region.

“Our government escalated the process of arriving at a political settlement with the Islamic separatist groups in the Philippine south. Measures are being introduced to dramatically reduce the threats posed by radical armed groups. Mindanao is safe for business. The island, after all, is leading our own domestic growth,” Mr. Dominguez added.

On May 23, the Islamic State-backed Maute group attacked Marawi, leading to the destruction of private and public buildings and businesses.

This prompted President Rodrigo R. Duterte to impose martial law on Mindanao, eventually extending it until the end of this year.

The Armed Forces of the Philippines said that the occupiers numbered less than 40 as of Monday.

Philippine Statistics Authority data show that Autonomous Region of Muslim Mindanao, where Marawi City is located, accounted for 0.6% of gross domestic product in 2016.

Socioeconomic Planning Secretary Ernesto M. Pernia said that the region is in business-as-usual mode despite the extension on martial law, saying the government is only assuring that there will not be a repeat of the Marawi occupation.

Davao City Chamber of Commerce President Ronald C. Go said however that tourism may have been affected, as seen in by hotel occupancy rates falling to as low as 30-40%.

However, the damage estimates for Marawi have yet to be firmed up. Economic managers have said that they may have to await the conclusion of the siege before they start estimating the destruction of public and private property.

An Executive Order that the Malacañang announced earlier called “Bangon Marawi” — a proposed blueprint for the rehabilitation of the city submitted by the Defense department — is awaiting Mr. Duterte’s signature.

The Department of Budget and Management has said that it has allocated an initial P15 billion for the Marawi City rehabilitation over the next two years, which is about three-fourths of Mr. Duterte’s earlier order of P20 billion.

About P5 billion will be initially released for rehabilitation, which will be taken from the 2017 calamity fund and savings from 2016, and will be followed by a P10-billion allocation sourced from the 2018 calamity fund.

The Chinese government has also donated P15 million for Marawi’s revival, and multilateral lenders have expressed interest in providing aid.

Mr. Dominguez has also considered floating a P30-billion bond for the Marawi rehabilitation, but the plan has yet to go forward.

Mr. Dominguez, together with Mr. Pernia, Budget Secretary Benjamin E. Diokno, as well as Bangko Sentral ng Pilipinas Governor Nestor A. Espenilla, Jr. during the roadshow conducted macroeconomic briefings for potential Singapore investors. — Elijah Joseph C. Tubayan

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