Filtered By: Money

Gov’t to put up ecozone in Marawi City

The government on Sunday revealed plans to put up an economic zone in Marawi City to give a boost to the local economy ravaged by the five-month war with ISIS-inspired Maute terror group.

"As part of this rehabilitation program, we are planning to put up a community-based economic zone in the area for small industries, local food processing, and small foundries," Finance Secretary Carlos Dominguez was quoted as saying in an emailed statement from the Department of Finance.

According to the DOF, the idea was discussed by Finance Secretary Carlos Dominguez III and top officials of Japan-based Sumitomo Mitsui Banking Corp. (SMBC) led by its Group CEO and President Takeshi Kunibe, who was open to supporting the rehabilitation efforts.

"We appreciate your enthusiasm in taking part in the rehabilitation efforts for Marawi," Dominguez said.

In line with this, the government also plans to provide residents of Marawi City with access to internet to promote e-commerce in the area through various online selling platforms.

Earlier, the government said it plans to issue "Marawi bonds" next year to help finance rehabilitation efforts in Marawi. 

This came after Marawi was declared liberated from the influence of ISIS-linked terrorists. —Jon Viktor Cabuenas/LBG, GMA News