The bonds are part of the government’s $3 billion borrowing program for the entire year and bond issuances will be done in tranches. ‘The process has started. Based on our advisors, I think it is the optimum time to get lower rates. The idea is to do it on cheapest borrowing costs,’ said Finance Secretary Ralph Recto.
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Department of Finance (DoF) Secretary Ralph Recto said the government will be offering dollar, euro and yen-denominated samurai bonds in the second half of the year.
Recto said he already signed related documents this week. He said the bonds are part of the government’s $3 billion borrowing program for the entire year.
The Finance chief also said the bond issuances will be done in tranches and that more details will be announced by the Bureau of the Treasury.
“The process has started. Based on our advisors, I think it is the optimum time to get lower rates. The idea is to do it on cheapest borrowing costs,” he said.
No worries
Recto said he expects the country’s debt to increase temporarily, with debt-to-GDP (gross domestic product) ratios hovering over 60 percent levels before falling to 57 percent by 2028.
“Expect the debt to continuously increase, and so will the economy continuously grow as well. So, our ability to pay will also improve. So, nothing to worry about,” he said.
The government continues to borrow to fund its massive infrastructure plan, with flagship projects worth over P9 trillion, and poverty alleviation projects.
As of end-June, the national government’s outstanding debt reached P15.48 trillion or 0.9 percent higher than the level recorded in May. External debt settled at P4.91 trillion or 0.1 percent higher.
The government’s external debt accounts for 25 percent of total borrowings while the rest comes from domestic sources.
