The Philippines raised enough funds to cover its international financing requirement for the year when it tapped the global bond market on Wednesday, Finance Secretary Margarito B. Teves said.
The Philippines offered $1.5 billion ten-year global bond at 8.5 percent, Teves said in a statement issued on Thursday.
“The transaction fulfills the government’s expected external funding requirements for 2009 and represents an important success for the Philippines,” Teves said.
In the same statement, National Treasurer Roberto B. Tan said 41 percent of the bonds were sold in Asia, 37 percent in the United States and 22 percent in Europe.
The international bond is the first offered by an Asian country for the year. Global bonds offered early this week were initiated by Brazil and Colombia.