A triple-tranche euro-dominated bond amounting to EUR2.1 billion (US$2.5 billion) has been issued by the Philippines Government to finance the nation’s budget expenditure. The bonds issued consists of EUR650 million worth of four-year bonds, EUR650 million worth of 12-year bonds, and EUR800 million worth of 20-year bonds, according to National Treasurer Rosalia de Leon.
As part of the nation’s US$5.5 billion overseas commercial borrowing program, the sale is intended to address the budget deficit covering pandemic response measures and the Philippines’ future infrastructure projects.
With an estimated gross domestic product (GDP) of US$435 billion, the nation is the world’s 27th largest economy by nominal GDP and the 10th largest economy in Asia.
The nation’s primary exports are copper, petroleum, semiconductors and electronic products, transport equipment, garments, coconut oil, and fruits.