The Department of Budget and Management (DBM) is leading a subcommittee of Task Force Bangon Marawi, along with the Department of Finance (DOF) and National Economic and Development Authority (NEDA), that will formulate the guidelines for the donations, grants and assistance intended for the rehabilitation of the war-torn city in Mindanao.

In the recent DOF Executive Committee (Execom) meeting, it was reported to Secretary Carlos Dominguez III that the Sub-Committee on Finance and Resource Mobilization Working Group was scheduled to meet soon to mull over the financial component of this multi-year reconstruction program.

The government agencies concerned agreed that all sources of funding for the rehabilitation and reconstruction of the city should be cleared first by Task Force Bangon Marawi.

The DOF International Finance Group (IFG) reported to Dominguez during the Execom meeting that the ongoing post-conflict needs assessment (PCNA) in the area would be the basis for the preparation of the Marawi Comprehensive Recovery and Rehabilitation Plan.

The post-conflict needs assessment (PCNA) team, led by the Office of Civil Defense-Department of National Defense (OCD-DND), was dispatched onOct. 16. The activities of the PCNA, which started in July, will culminate in a final report that is presently being done by OCD-DND.

To ensure presence on the ground, a Task Force Bangon Marawi headquarters will be established in the city.

Dominguez said earlier it was too early to make cost estimates on the damage to the city, adding the reconstruction plan would be the basis of how much would be needed to fund Marawi’s reconstruction and rehabilitation.

He urged Filipinos to be more involved in the reconstruction of the city amid the influx of foreign aids and assistance.

He earlier directed the Bureau of Treasury to study the possible issuance of P30 billion-worth of debt securities to help fund the planned massive rehabilitation and reconstruction effort for Marawi City.

Dominguez said the “Marawi” bonds would appeal to the “patriotic” sense of duty of citizens who would like to help rebuild the lives of their fellow Filipinos in Marawi.

“These are what you would call ‘patriotic’ bonds to help augment the funds that the government has set aside for Marawi’s rehabilitation,” Dominguez said.

President Duterte declared the liberation of Marawi City from the influence of Muslim extremists believed to have links with ISIS last Oct. 17.

Dominguez said the end of the drawn-out conflict in Marawi City would further boost investor confidence in the economy, more so now that the government could focus on a comprehensive plan to reconstruct the southern city and provide economic opportunities for its returning residents.

The finance chief said the record performance of the stock market following President Duterte’s announcement of the “liberation” of Marawi City from Islamist militants pointed to the positive investor sentiment on the end of the conflict.

“We expect investor confidence to strengthen further and the economy to grow even faster now that the conflict has been virtually resolved and the government has started raising spending on infrastructure and human capital development, which will supercharge growth and create more jobs for our people,” Dominguez said.

Earlier, Dominguez reported that World Bank chief executive officer Kristalina Georgieva has confirmed the institution’s commitment to work with the Philippine government in helping Marawi City rise from devastation, along with scaling up support for peace-building efforts in Mindanao.

In a recent meeting in Washington DC with Philippine officials led by Dominguez, Georgieva said the World Bank could provide technical aid and other forms of assistance to the Philippines to help rebuild Marawi City.

Georgieva also welcomed Dominguez’s plan to tap domestic resources to raise funds for Marawi’s reconstruction, which, she said, was “the right thing to do” and underscored the importance of “inclusive development” as a key aspect of the rehabilitation strategy for the city.

Dominguez emphasized the need for World Bank’s technical advice and expertise in reconstructing the entire city of Marawi as the Philippines has very limited experience in handling a rehabilitation program of this magnitude.

Georgieva said that the Philippine government and the World Bank “need to work together” even as she cited the strength and resilience of Filipinos in dealing with conflict and tragedies.