The national government is looking at selling at least $500 million worth of peso-denominated global bonds within the second-semester of the year, the Department of Finance (DoF) said Wednesday.

On the sidelines of the 12th Tranche Retail Treasury Bonds launching, Finance Secretary Cesar V. Purisima, said the government has yet to decide on the tenors of the planned overseas borrowings in local-currency denomination.

“I think it should at least be half-a-billion dollars. That would probably the minimum because lower than that might not meet distribution requirement to achieve my goal of really establishing a market outside the Philippines,” Purisima told reporters.

He added “it must be enough to accommodate all interested entities, but so far the rumor I don't have direct knowledge, I just seen it from bankers is that they've had many queries from foreign institutions about the peso global bonds.”

Purisima said foreign entities are keen in the country's first peso bonds issue as the world's financial markets are becoming integrated and they want to have exposures in all the markets, particularly in the Asian region.

“Timing really depends on the market, [but] within the second half, that's something I'd like to do. Obviously there are processes that we have to go through, since it is the first time, there will be probably a need to have at least minimum call with investors, [and] I haven't had that call with investors,” he said.

The selling point of the first peso bonds, the official said is that the Aquino administration has no issue of credibility or mandate, which hounded the previous administration for the past 10-years. He cited the mandate that the Aquino administration is the highest ever, “since martial law or even before that.”

“His mandate is of good governance, he wants to move the country forward by making sure that we deploy our resources properly. And leveled-playing field is something he assures all investors. In fact, he is basically telling the world 'I'm opening up the country for public-private partnership,' redtape is something he'll going to address and he is going to minimize,” Purisima said.