UPDATE 1-Philippines sells $7.2 bln of peso retail treasury bonds

Adds comment, background

MANILA, Nov 29 (Reuters) – The Philippines said on Monday it had sold 360 billion pesos ($7.2 billion) of new retail treasury bonds, which include 330.5 billion pesos in fresh cash intended for budgetary support.

The total proceeds from the sale of 5-1/2-year bonds also include 29.5 billion pesos representing the portion for a bond exchange for notes due in 2022, the Bureau of the Treasury said in a statement.

It is the government’s third retail bond offering this year, and followed its maiden onshore dollar issue that raised $1.6 billion in September. nL4N2S70OPnL4N2QX1FP

National Treasurer Rosalia De Leon said the country’s “healthy macroeconomic environment, characterised by sufficient market liquidity and downward trend in inflation” supported the government’s latest offer.

“Proceeds from the issuance will help the country respond to the challenges posed by the pandemic and will support various programmes for economic resiliency and recovery,” the statement said.

($1 = 50.37 Philippine pesos)

(Reporting by Enrico Dela Cruz; Editing by Martin Petty)

((enrico.delacruz@tr.com))