Adds national treasurer’s statement
MANILA, March 1 (Reuters) – The Philippines’ Bureau of the Treasury said on Tuesday it raised 457.5 billion pesos ($8.92 billion) through the sale of five-year retail bonds.
The proceeds, raised after a two-week public offering, were part of this year’s government borrowing plan seeking to raise as much as 2.2 trillion pesos. The funds include 120.8 billion pesos raised at the rate-setting auction on Feb. 15. nL1N2UQ0AN
About 75% of this year’s fund-raising programme will be sourced from the domestic market, the bureau said.
“By our funding activities in the domestic space, we are shielding our debt portfolio from volatility in the global financial markets, all while taking advantage of the commitment of the Bangko Sentral ng Pilipinas for supporting the country’s economic recovery,” National Treasurer Rosalia De Leon said in a statement, referring to the country’s central bank.
The proceeds will help the government finance its pandemic response and economic recovery measures, she said.
Last year, the government raised 823.3 billion pesos from peso-denominated retail bond issues, and $1.6 billion via its first-ever retail dollar bond offer.
($1 = 51.27 Philippine pesos)
(Reporting by Enrico Dela Cruz; Editing by Kanupriya Kapoor)
This article originally appeared on reuters.com