PH government eyes $3.5B global bond sale in H1 2025

The Philippine government is planning to tap global markets with a bond issuance in the first half of 2025, with an aim to raise $3.5 billion, Finance Secretary Ralph Recto confirmed during an interview at the World Economic Forum in Davos on Monday. Recto specified that the bonds would primarily be issued in U.S. dollars, though there may be some issuance in euros.

Recto stated that the Bureau of the Treasury is working with eight banks to manage the bond sale and is currently discussing the ideal timing for the issuance.

The Philippines government is focused on limiting foreign borrowings to minimize exposure to foreign exchange risks, and has set a financing mix of 80 percent domestic borrowing and 20 percent foreign borrowing for this year.

The Philippines’ total gross borrowings for 2025 are expected to reach PHP2.55 trillion, with the majority coming from domestic sources, which are considered more affordable due to the country's strong domestic savings and liquidity.

In a separate statement, Recto addressed concerns about the potential economic impact of higher U.S. tariffs under a possible second term for former President Donald Trump.

While acknowledging the uncertainty of such measures, Recto noted that the Philippines is unlikely to be directly affected, as the country does not face the immigration and trade deficit issues that could trigger tariffs.