MANILA: The Philippine government plans to raise as much as 135 billion pesos ($3.09 billion) from the domestic debt market in the third quarter, up 15 percent from actual debt sales during April-June, it said on Monday.
The Bureau of Treasury plans to sell 60 billion pesos worth of Treasury bills and 75 billion pesos worth of seven-, 10- and 20-year Treasury bonds between July and September, it said in a notice to government securities dealers.
It raised 116.84 billion pesos from bills and bonds in the second quarter, Reuters calculations show, less than its originally-planned domestic borrowing of 135 billion pesos for the period.
Manila plans to borrow 715 billion pesos in 2014 to bridge a budget gap seen at 2 percent of gross domestic product (GDP).
However, the amount could increase to 730 billion pesos to reflect concessional loans from multilateral agencies such as the Asian Development Bank for reconstruction work in areas devastated by last year's super typhoon.
The Philippines is seeking to cut its dependence on foreign borrowing by pursuing debt buy-backs and swaps, and innovative deals such as local-denominated global bonds, a move that has been praised by credit-rating agencies.
In May, Standard & Poor's further upgraded the Philippines to two notches above investment grade, the country's highest credit-rating to date.
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