Philippines to borrow $2.9bln debt

MANILA: The Philippines said on Monday it plans to raise as much as 135 billion pesos ($2.9 billion) from the local debt market in the second quarter, the same amount it was originally looking to raise in the current quarter.

Actual sales of treasury bills and bonds in the first quarter may be as much as 132.18 billion pesos, if Tuesday´s auction of re-issued 2019 T-bonds raises as much as 25 billion pesos.

In a notice to government securities dealers, the Bureau of the Treasury said it plans to raise 60 billion pesos through the sale of treasury bills and 75 billion pesos through the sale of 4-, 5-, and 7-year treasury bonds in the second quarter.