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Manila Bulletin devider Business devider Philippines turns to foreign creditors for budget boost

Philippines turns to foreign creditors for budget boost

Published May 7, 2024 06:45 am

The Marcos administration has again turned to foreign creditors to seek financial support for the national government's budgetary needs.

In a notice on Tuesday, May 7, the government announced its issuance of a dual-tranche benchmark-sized US dollar bond, marking the first offshore debt offering by the government this year.

The Philippine bond offering will feature two tranches with tenors of 10 years and 25 years for the sustainability tranche, with the funds raised intended for budgetary purposes.

The government aims to borrow a total of P2.57 trillion this year, with plans to secure 75 percent of the borrowings domestically and the remaining 25 percent from offshore investors.

In November 2023, Manila raised $1 billion through its inaugural sukuk issuance and obtained $1.26 billion through onshore US dollar-denominated retail bonds in October.

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