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Manila Bulletin devider Business devider Banking & Finance devider Gov't to proceed with retail dollar bond sale in Sept.

Gov't to proceed with retail dollar bond sale in Sept.

Published Jul 9, 2023 04:29 pm
The Bureau of the Treasury said the Philippines has initiated the marketing process for its retail dollar bonds scheduled for September, featuring a reduced minimum investment requirement aimed at attracting more individual investors. During the weekly Chat with SBED last Friday, July 7, National Treasurer Rosalia V. De Leon said the Marcos administration remains committed to raising $2 billion from the offering, the proceeds of which will be used to support the government’s budget. De Leon said they have also decided to lower the minimum investment requirement from $300, which was set during the first issuance two years ago, to $200. “We’re doing all the marketing now, and if the markets are favorable—that’s always our coletilla—around September maybe,” De Leon told repeaters when asked about the timing for the sale of the US dollar-denominated bonds. The Marcos administration encountered several setbacks in its inaugural dollar retail treasury bond sale, originally scheduled for December 2022. Subsequently, it was postponed to the second quarter and then further rescheduled to the third quarter. The government attributed these deferrals to adverse market conditions. In September 2021, the Philippines conducted its first retail dollar bond sale, raising nearly $1.6 billion or P80.91 billion. During that period, the minimum placement for the retail dollar bond was set at $300, substantially lower than the $200,000 minimum investment required for the government's US dollar-denominated bonds. De Leon said the government plans to promote the retail dollar bonds to overseas Filipino workers (OFWs) through various channels, including the Bonds.PH app, the LANDBANK mobile app, and other authorized selling agents. In order to facilitate the purchase of retail dollar bonds, De Leon also said they were negotiating with some banks to waive the fees associated with opening dollar accounts, aiming to make the process more convenient for investors. Meanwhile, Finance Secretary Benjamin E. Diokno clarified that the retail dollar bonds are accessible to all individuals, not exclusively limited to OFWs. In addition, Diokno said they are considering issuing yen-denominated bonds, while the possibility of offering a retail euro bond remains under discussion. He said the possible retail euro bond aims to cater to the growing demand from Filipino investors based in Europe.
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