MANILA, Feb 12 (Reuters) – The Philippine government will launch this month its first retail bonds for 2022, offering a minimum principal amount of 30 billion pesos ($585 million).
The peso-denominated, five-year bonds will be sold between Feb. 15 and Feb. 8 with a swap offer for bonds expiring in 2022, the Bureau of the Treasury said in a notice.
The proceeds will finance the national budget, said National Treasurer Rosalia de Leon said on Saturday.
President Rodrigo Duterte has approved a 2022 budget worth some 5 trillion pesos, the Philippines’ largest ever, to support an economic recovery and manage COVID-19 outbreaks.
The treasury agency cancelled auctions of seven- and 10-year treasury bonds scheduled for Feb. 15 and Feb. 22 respectively to make way for the retail bond offering.
The Philippines, which sold 360 billion pesos worth of new retail treasury bonds in November, is targeting economic growth of 7.0%-9.0% for 2022 and 6.0%-7.0% for both 2023 and 2024. That compares with economic expansion of 5.6% last year.
($1 = 51.25 Philippine pesos)
(Reporting by Neil Jerome Morales; Editing by Edwina Gibbs)
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This article originally appeared on reuters.com