Philippines Boosts Domestic Debt as It Shuns Global Bonds
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The Philippines will boost domestic bond sales to the most since at least 2005 next quarter as it seeks to raise nearly all of its debt requirements locally amid record-low interest rates and a strengthening peso.
The Bureau of the Treasury will increase borrowing via debt auctions to 150 billion pesos ($3.7 billion) from 120 billion pesos in the three months through June, Treasurer Rosalia de Leon said in a memo to dealers today. At each of three monthly auctions, the government will offer 30 billion pesos of either three-, five- or seven-year bonds and 20 billion pesos of bills, according to the memo. Some 25 billion pesos of bonds and 15 billion pesos of bills were sold at the offers this quarter.