Philippines sets Q2 domestic borrowings at $2.1 bln

MANILA, March 25 – The Philippines said on Wednesday it plans to raise 104.5 billion pesos from the local debt market in the second quarter, nearly 73 percent higher than actual borrowings in the first quarter.

The government borrowed about 60.45 billion pesos in the first three months of the year, based on Reuters’ calculations of Treasury auction awards, lower than the 92 billion pesos domestic debt programme it originally set for the period.

The Southeast Asian country cancelled a 5-year Treasury bond offer in January, and rejected some Treasury bill bids in February and a zero-coupon bond offer this month after it raised $1.5 billion from a global bond offer early this year.

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