THE International Fund for Agricultural Development (IFAD) is considering helping fund the redevelopment of Marawi City following the clearing out of its occupiers last week, the Department of Finance said.

“IFAD also expressed interest to provide financial aid but they have not specified an amount,” Finance Undersecretary Maria Edita Z. Tan told reporters on Thursday at the Finance department headquarters, noting that the amount would be based on the post-conflict needs assessment that the government has yet to conduct.

“And then there is also a grant that they are packaging from the Japan Fund for Poverty [Reduction] (JFPR),” Ms. Tan added.

The World Bank and Asian Development Bank (ADB) have pledged to aid in Marawi City’s rehabilitation.

“ADB pledged a $5.225 million grant for needs assessment of Marawi rehabilitation,” Ms. Tan said.

The World Bank on the other hand committed to provide technical assistance for the government, given its experience in the repair of public infrastructure in conflict zones.

IFAD is an agency of the United Nations, created to finance agricultural development projects in developing countries.

Since 1978, IFAD has invested $243.7 million in 15 loan-financed projects in the Philippines.

JFPR on the other hand, provides grants for projects supporting poverty reduction and related social development activities.

“We were suggesting that (JFPR) rebuild something like an economic zone for local manufacturers, for people who manufacture locally,” Finance Secretary Carlos G. Dominguez III told reporters.

“So I think those are the things that we need to do, as I said we don’t really have the expertise and we want to look to our partners for expertise,” he added.

The government is planning to raise P30 billion in “patriotic bonds” of five, seven, or even 20 years, to be packaged as retail Treasury bonds, which Filipinos can buy.

“This is a domestic problem, while we welcome foreign assistance I think the larger part of the Philippines should help Marawi. I mean… Filipinos should all be involved in the reconstruction of this site.”

The Budget department has initially released P5 billion for the rehabilitation, which will be taken from the 2017 calamity fund and savings from 2016. This will then be followed by a P10-billion allocation that is sourced from the 2018 calamity fund.

Following the end of the occupation, Mr. Dominguez said that he expects investor confidence to “strengthen further and the economy to grow even faster,” and that “the government has started raising spending on infrastructure and human capital development, which will supercharge growth and create more jobs.” — Elijah Joseph C. Tubayan

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