Metro Manila (CNN Philippines, October 9) — The national government raised $1.26 billion from the second tranche of its retail dollar bond offering, officials said.
During a briefing late Friday, Finance Secretary Benjamin Diokno said they initially targeted $1 billion but decided to upsize the issuance following strong demand from the investing public.
Asked if the latest sale can be considered competent, Deputy Treasurer Erwin Sta. Ana said it was \”a very good turnout considering the current market conditions,\” such as high interest rates.
\”And the fact that we were able to upsize from the initial target of $1 billion is actually a very good signal,\” Sta. Ana added.
The transaction marked the first under the Marcos administration.
Diokno also said they made it more attractive for Filipinos, especially those working abroad.
\”There’s a little bit of premium because we really want the overseas Filipino workers to invest. Para naman matuto silang mag-invest (So they can learn how to invest),\” the official said.
In an earlier statement, Diokno said the exercise would promote financial inclusion as this exposes them to \”low-risk, affordable and convenient investments to diversify their portfolios.\”
For this batch, the government lowered the minimum investment amount to $200 from $300, with a tenor of 5.5 years and a gross interest rate of 5.750% per year. The Department of Finance said it was payable every quarter until its maturity in 2019.
