MANILA (Reuters) - The Philippines’ Bureau of the Treasury aims to raise as much as 240 billion pesos ($4.78 billion) from auctions of government securities in the first quarter of 2018, it said on Friday.
That is 60 percent more than the 150 billion pesos the bureau sought to raise this quarter. It raised less than the target following bid rejections at several of this quarter’s auctions.
Between January and March, there will be six auctions for 91-day, 182-day and 364-day T-bills, with the offer size raised to 20 billion pesos from 15 billion pesos this quarter, the bureau said in a notice to dealers.
The government will also offer 20 billion pesos worth of T-bonds at each of the six auctions for such papers with tenors of 3, 5, 7, 10 and 20 years.
For more details on the government's domestic borrowing plan, click on (bit.ly/2kXlNsH)
Borrowing from both domestic and foreign sources is expected to reach 888 billion pesos next year, with the government also looking to raise $200 million from yuan-denominated bonds and $1 billion of dollar-denominated global bonds.
President Rodrigo Duterte this week signed the 2018 budget law, which raises state spending by 12 percent to a record 3.77 trillion pesos including big expenditures on infrastructure projects under his “Build, Build, Build” blueprint.
Reporting by Enrico dela Cruz; Editing by Richard Borsuk