MANILA — The Philippines is looking to issue overseas bonds within the first half of 2024 to support the government’s spending program, its finance minister said on Monday.
The treasury bureau is timing the market, Finance Secretary Ralph Recto told reporters, adding that bulk of the overseas bond offering will be in dollars but the country is open to issuing bonds in other foreign currencies.
“We will have to start borrowing commercially in foreign exchange,” Recto said.
The Philippines, one of Asia’s most-active sovereign bond issuers, plans to source 75% of borrowings domestically, with the remaining 25% from offshore investors. It regularly taps local and foreign debt markets to help finance its budget deficit.
In November, the Southeast Asian nation raised $1 billion from its maiden sale of sukuk or Islamic bonds. It secured $1.26 billion by offering onshore U.S. dollar-denominated retail bonds in October.
— Reporting by Neil Jerome Morales; Editing by John Mair