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Manila Bulletin devider Business devider PH to proceed with maiden 'Sukuk' bond offer

PH to proceed with maiden 'Sukuk' bond offer

Published Nov 6, 2023 05:28 am

At A Glance

  • The government's plan to raise $1 billion through Sharia-compliant or sukuk bonds will still push through by end-November amid the Israel-Hamas conflict.<br>The minimum investment requirement for the sukuk bonds will be at least $200,000.<br>Former National Treasurer Rosalia V. de Leon  said that government plans to issue Islamic notes with five- and ten-year maturities to appeal with both individual and institutional investors.<br>The government plans to borrow around P2.46 trillion from debt markets to fund the government's P5.77 trillion pesos budget for next year.

The government’s plan to raise $1 billion through Sharia-compliant or Sukuk bonds will still push through by end-November despite the Israel-Hamas conflict.

Finance Secretary Benjamin E. Diokno told reporters in an interview  on Monday, Nov. 6, that the government is targeting to issue the bonds this year.

The minimum investment requirement for the sukuk bonds will be $200,000, the Department of Finance (DOF) earlier said.

The finance chief said that sukuk bonds will be offered to institutional investors in Abu Dhabi.

Former National Treasurer Rosalia V. de Leon earlier said that government plans to issue Islamic notes with five- and 10-year maturities to appeal with both individual and institutional investors.

Sukuk bonds are like regular bonds but they follow Islamic principles. Instead of earning interest, investors will receive a share of profits from the assets or projects financed by the bonds.

Meanwhile, the country successfully launched in October its second retail dollar bond sale, raising approximately $1.3 billion, surpassing the target of $1 billion.

This after the success of the maiden retail bond sale conducted in September 2021 which raised over $1.6 billion or P80.91 billion.

The government plans to borrow around P2.46 trillion from debt markets to fund the government's P5.77 trillion pesos budget for next year.

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Department of Finance Benjamin E. Diokno
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