{"id":19994,"date":"2024-08-01T03:02:06","date_gmt":"2024-08-01T03:02:06","guid":{"rendered":"https:\/\/energybuzz.ph\/staging\/6915\/govt-looking-to-raise-500-million-from-samurai-bonds\/"},"modified":"2024-08-01T03:02:06","modified_gmt":"2024-08-01T03:02:06","slug":"govt-looking-to-raise-500-million-from-samurai-bonds","status":"publish","type":"post","link":"https:\/\/energybuzz.ph\/staging\/6915\/govt-looking-to-raise-500-million-from-samurai-bonds\/","title":{"rendered":"Gov\u2019t looking to raise $500 million from Samurai bonds"},"content":{"rendered":"
\n

By Beatriz Marie D. Cruz, <\/b>Reporter <\/i><\/p>\n

THE PHILIPPINE government is eyeing to raise about $500 million (P29.22 billion) from an o<\/span>f<\/span>fering of Japanese yen-dominated bonds within the year, Finance Secretary Ralph G. Recto said on Tuesday. <\/span><\/p>\n

Mr. Recto said the government is also targeting to issue euro bonds in the second half, alongside its planned of<\/span>ferings of yen- and dollar-denominated papers.<\/p>\n

\u201cI think we will begin issuing the $3 billion that we need to borrow this year soon,\u201d he told reporters on the sidelines of an event late on Tuesday. \u201cThe process has started, I\u2019ll put it that way, because I signed (the authority) already.\u201d<\/p>\n

The bonds will likely be issued in tranches within the year, with the Samurai bonds possibly issued last, Mr. Recto said.<\/p>\n

The government planned to borrow $5 billion this year, of which $2 billion was raised from the issuance of global bonds last May. The remaining $3 billion has yet to be raised.<\/p>\n

The Philippines last issued Samurai bonds in April 2022, raising \u00a570.1 billion.<\/p>\n

\u201cBased on our advisors, I think it is the optimum time to get lower rates. The idea is to do it to get the cheapest borrowing cost,\u201d Mr. Recto said in mixed English and Filipino.<\/p>\n

Union Bank of the Philippines, Inc. Chief Economist Ruben Carlo O. Asuncion said the government will likely start borrowing once the Philippine and US central banks begin cutting rates. <\/span><\/p>\n

\u201cGovernment will wait until cuts start coming in (both from the Bangko Sentral ng Pilipinas and US Federal Reserve). With lower interest rates, this means cheaper debt, so you\u2019re looking at cost efficiency for government-issued debts,\u201d he said in a Viber message.<\/p>\n

The Fed is expected to keep interest rates steady this week, but easing may start as early as September as inf<\/span>lation neared the 2% target.<\/p>\n

On the other hand, the BSP earlier signaled a potential 25-basis-point cut as early as August.<\/p>\n

\u201cThe best time to borrow is when you need it. The dollar is strong versus the peso, but the yen is weaker against the peso these days, so it\u2019s probably gonna be more or less a wash,\u201d House Ways and Means Committee Chairman and Albay Rep. Jose Ma. Clemente S. Salceda said in a Viber message.<\/p>\n

The government\u2019s plan to issue Samurai bonds ref<\/span>lects how strapped for resources it has become, said Ateneo de Manila University economics professor Leonardo A. Lanzona.<\/p>\n

He also noted that these borrowings could fan inf<\/span>lation.<\/p>\n

\u201cThe problem with lower interest rates which they expect to do once the Fed reduces their policy rates is the possible splurge of government money into the system. As such, inf<\/span>lation may increase, which could force the BSP to raise its interest rates again,\u201d Mr. Lanzona said in a Facebook Messenger chat.<\/p>\n

On Tuesday, Mr. Recto also told reporters that it will wait for the BSP and the Fed\u2019s monetary policy decisions before its planned external borrowings for next year.<\/p>\n

The National Government (NG) set its borrowing program at P2.55 trillion for 2025, of which P507.41 billion will come from gross external borrowings.<\/span><\/p>\n

In the coming months, the government must be \u201cmore introspective and be aware of the inflationary consequences of their actions\u201d and be more cautious of their spending, Mr. Lanzona said.<\/p>\n

As of end-June, the NG\u2019s outstanding debt rose to a fresh high of P15.48 trillion, with 31.71% of the total or P4.91 trillion coming from foreign sources.<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

THE PHILIPPINE government is eyeing to raise about $500 million (P29.22 billion) from an offering of Japanese yen-dominated bonds within the year, Finance Secretary Ralph G. Recto said on Tuesday.<\/div>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"nf_dc_page":"","footnotes":""},"categories":[1],"tags":[5754,12084,14644,1145,177,4456,1125,8832,18671],"class_list":["post-19994","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-5754","tag-bonds","tag-bworldonline","tag-from","tag-govt","tag-looking","tag-million","tag-raise","tag-samurai"],"yoast_head":"\nGov\u2019t looking to raise $500 million from Samurai bonds - Energy Buzz<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/energybuzz.ph\/govt-looking-to-raise-500-million-from-samurai-bonds\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t looking to raise $500 million from Samurai bonds - Energy Buzz\" \/>\n<meta property=\"og:description\" content=\"THE PHILIPPINE government is eyeing to raise about $500 million (P29.22 billion) from an offering of Japanese yen-dominated bonds within the year, Finance Secretary Ralph G. 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