Philippines Gets Approval for Sales of Dollar, Peso Bonds
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The Philippines has secured central bank approval to sell peso-denominated debt to global investors and dollar bonds in the local market, issues that may help reduce the government’s borrowing costs.
The government has the go-ahead to sell as much as $1 billion worth of the peso notes and up to $500 million of dollar securities, according to three officials who declined to be identified because the information isn’t public. It plans to use part of the proceeds of the global bond sale to buy back some existing dollar debt that pays a higher coupon, one of the officials said.