THE HONORABLE RON P. SALO
KABAYAN Party-list
Assistant Majority Leader
Reaction to the statement of DBM secretary
SOLON BATS FOR MARAWI RECONSTRUCTION BONDS IN SMALL AND LARGE DENOMINATIONS SO OFWS AND THE MIDDLE CLASS CAN ALSO INVEST
The budget requirements for rebuilding Marawi are simply too big to be loaded on the national budget in one or a few tranches. Reconstruction bonds are really the way to spread out the cost over many years while getting the funds in the present and near term. We need those funds soon, not later.
The details of computing how much is needed, the terms and conditions will be the tasks of the Department of Budget and Management, Department of Finance and National Economic and Development Authority. Our role in Congress is to make sure government is circumspect, has the diligence of a good father, and adheres to proper accounting, auditing, and oversight.
The P30 billion worth of debt securities that the DoF considers issuing might be too small for the magnitude of work that needs to be done. There should be a master plan that should not simply focus on Marawi, but also connect it to Iligan City, Cotabato City, and the rest of Mindanao, so the city would be an integral part of Mindanao and national development.
I trust that NEDA shall immediately facilitate the preparation of that Master Plan for the rehabilitation which shall involve all relevant stakeholders, particularly the Maranaos. Also, let us ensure that the learnings we acquired in the Tacloban rehabilitation will guide us in facilitating our current efforts.
The bonds will give all who invest in them, both local and foreign investors, the opportunity to be direct stakeholders in the future of Marawi, Mindanao, and in peace and progress for the while country.
I suggest to the DBM, DoF, and NEDA that the bonds also have small denominations to allow middle class Filipinos and Overseas Filipino to be among the investors.
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