MANILA, June 28 (Reuters) - The Philippines’ Bureau of the Treasury said on Thursday it plans to raise as much as 270 billion pesos ($5 billion) from the sale of treasury bills and bonds in the third quarter, 17 percent less than it had programmed for the current quarter.
The agency would continue to hold weekly auctions for 91-day, 182-day and 364-day T-bills between July and September, offering up to 15 billion pesos at each auction.
It would also offer 15 billion pesos worth of T-bonds at each of the five auctions to be held in July and August, with tenors of 3, 5, 7, 10 and 20 years.
A notice issued to government securities dealers, posted on the agency’s website, showed there would be no T-bond auctions in September.
The government is aiming to raise as much as $2 billion via bond issues denominated in yen and U.S. dollars before the year-end, depending on market conditions.
The Philippines, one of Asia’s most active issuers of sovereign debt, is raising money to finance its $180 billion “Build, Build, Build” infrastructure plan that aims to upgrade or build roads, bridges, railways, seaports and airports.
$1 = 53.5420 Philippine pesos Reporting by Enrico dela Cruz Editing by Jacqueline Wong