• The Philippines will sell bonds to individuals and other retail investors in the first quarter, its finance chief said, taking advantage of ample cash in the financial system to refinance maturing debts.
• Finance Secretary Ralph Recto said the planned retail bond sale is part of the government’s strategic financing program for the year, when it will need to raise 2.46 trillion pesos ($44 billion) from foreign and local sources. It’s keeping its 75:25 borrowing mix in favor of domestic sources.
• “This prudent debt management strategy will allow the country to effectively mitigate foreign exchange risks, take advantage of the abundant liquidity in the country’s financial system, and support the development of the local debt and capital markets,” Recto said in a statement on Friday.