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Manila Bulletin devider Business devider Banking & Finance devider Marcos gov't raises ₱35 billion via dual bond sale despite mixed demand

Marcos gov't raises ₱35 billion via dual bond sale despite mixed demand

Published Dec 2, 2025 03:35 pm

At A Glance

  • Even with mixed demand, the Marcos government successfully borrowed its planned amount of ₱35 billion through the dual sale of government bonds.
Even with mixed demand, the Marcos Jr. administration successfully borrowed its planned amount of ₱35 billion through the dual sale of government bonds.
During the sale of three-year treasury bonds (T-bonds) on Tuesday, Dec. 2, the Bureau of the Treasury (BTr) fully awarded its ₱20-billion offering. Total bids reached ₱59.8 billion, nearly three times the amount offered.
Demand was stronger than the ₱34.4 billion tendered during the previous three-year bond auction on Oct. 7.
With a remaining maturity of two years and four months, the bonds were awarded at an average rate of 5.256 percent.
This was 8.4-basis-points (bps) lower than the 5.34-percent rate for comparable corporate bonds in the secondary market, based on PHP Bloomberg Valuation (BVAL) Service Reference Rate.
It was also 44.2-bps lower than the 5.705 percent recorded at a similar auction two months ago. However, it remained above the central bank’s key policy rate of 4.75 percent.
Rizal Commercial Banking Corp. (RCBC) chief economist Michael Ricafort said borrowing costs have eased after debt watcher S&P Global Ratings affirmed the Philippines’ BBB+ credit rating with a positive outlook, signaling solid economic fundamentals despite political and geopolitical risks.
He added that the outlook, in place for over a year, raises the possibility of an upgrade to A- next year, which would further support lower financing costs for the country.
Meanwhile, during the sale of 10-year T-bonds, the BTr fully awarded its ₱15-billion offering. Total bids reached ₱65.8 billion, more than four times the amount offered.
Demand was slightly lower than the ₱66.4 billion tendered during the previous 10-year bond auction on Nov. 4.
With a remaining maturity of nine years and four months, the bonds were awarded at an average rate of 5.876 percent.
This was 7.2-bps lower than the 5.947-percent rate for comparable corporate bonds in the secondary market, based on PHP BVAL Service Reference Rate. It was also slightly lower than the 5.894 percent recorded at a similar auction last month.
Ricafort said demand for longer-term bonds has weakened as investors remain cautious, amid a market hesitant to buy bonds due to risks, a strong United States (US) dollar-peso exchange rate and rising import costs that could drive inflation.
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