The Philippines is planning to issue 1 billion USD worth of Samurai bonds this year, Secretary of Finance Carlos Dominguez said on 19 June.

The Philippines is planning to issue 1 billion USD worth of Samurai bonds this year, Secretary of Finance Carlos Dominguez said on 19 June  (Photo: www.rappler.com)

Dominguez unveiled the plan in his opening remarks at the economic briefing on the Philippine economy in Tokyo, Japan.

The Philippine minister did not give other details of the planned yen-denominated bond float in his speech, but he said earlier that the government will proceed with it by September or October this year. 

Buoyed by the tight spreads of the Philippines' earlier bond issuances this year, Dominguez said such developments indicate confidence in the fiscal and debt management of the Duterte administration.

The Philippine Government issued 2 billion USD worth of 10-year dollar denominated bonds in January. Two months later, the Philippines issued its inaugural renminbi-denominated bonds, or Panda bonds, worth 1.46 billion yuan (225 million USD), making it the first member country in the Association of Southeast Asian Nations to issue Panda bonds.

The Philippine economy recorded an impressive growth rate of 6.8% in the first quarter of 2018, faster than the growth recorded in the same quarter of 2017.

The Southeast Asian country has maintained an economic growth rate of 6.5% or higher for 10 successive quarters.

The impressive growth rate, which tied it with China and was only eclipsed by Viet Nam, was fueled by a surge of 13.6% in government spending under President Rodrigo Duterte.

The Philippine Government is carrying out a huge infrastructure development programme worth up to 180 billion USD with the aim of modernizing the country’s transport systems.

With the growth, the Philippines remained one of the best performing economies in Asia in the first quarter of the year.

(Source: VNA)