The Marcos administration will stick to its current borrowing program and resist the urge to tap international markets for additional capital despite a high-demand $2.75 billion sovereign bond sale.

On the sidelines of the Financial Executives Institute of the Philippines (FINEX) event, Finance Secretary Frederick D. Go said the government was satisfied with investor demand for its first US dollar debt papers this year.

“The exceptional reception for our first international bond issuance of 2026 demonstrates the trust global investors place in the Philippines,” Go said. “Their response affirms the durability of our economic foundation despite challenging market conditions.”

The government successfully issued its first United States (US) dollar-denominated debt papers of 2026 on Tuesday, utilizing a triple-tranche offering to front-load its financing requirements for the year.

While investor appetite for the issuance was robust, Go assured that the Marcos administration would not deviate from its established fiscal roadmap.

Although the bonds were oversubscribed and secured interest rates lower than initial government projections, the finance chief said that the administration would prioritize its expenditure schedule over opportunistic fundraising.

Go noted that the timing of the sale was deliberate and credited the Bureau of the Treasury with managing the issuance effectively, stating the agency would continue its work as planned.

The bond sale comes at a critical juncture for the Philippine economy, which saw growth slow to four percent in the third quarter of 2025 as business confidence wavered amid concerns regarding corruption.

National Treasurer Sharon P. Almanza said the tight pricing achieved during the transaction, despite geopolitical uncertainties and market volatility, serves as a benchmark for high-quality emerging market credit.

“Notwithstanding elevated market volatility and geopolitical uncertainties, the transaction achieved tight pricing, a reflection of the Republic’s standing as a benchmark for high-quality emerging market credit, and signals robust investor confidence in the country’s credit strength and long-term development trajectory,” Almanza said. 

The offshore fundraising supports President Ferdinand Marcos Jr.’s strategy of aggressive borrowing to fund large-scale infrastructure projects and manage existing debt obligations. The national government’s 2026 financing program targets ₱302.1 billion in borrowings from offshore bonds and other external sources.

This represents a 61.3 percent increase from the ₱187.2 billion external borrowing goal set for 2025, signaling a heightened reliance on foreign capital to bridge the fiscal gap and support long-term development goals.