The Philippine Government has successfully sold P77.65 Philippine billion pesos of retail treasury bonds (RTBs), Deputy Treasurer Eduardo Mendiola said. The government both sold 3 year and 5 year RTBs, providing quarterly interest income to its holders, were almost 10 times more than initially planned . The bonds were aimed to be sold to individual investors. The underwriters for this issuance were BPI Capital and First Metro Investment Corp.

Due to the success of the RTB issuance, the Philippine Bureau of the Treasury may cancel more bond auctions or reduce its debt offerings for the year, Finance Undersecretary Roberto Tan said. The Treasury has already cancelled two debt offerings scheduled this August which would have a combined debt offering of P13 billion pesos. 

Sources:

Batino, Clarissa. Philippines May Have Room to Cut Debt Sale, Treasury’s Tan Says.Bloomberg 2007, Aug 2 

Yap, Karl Lester M. Philippine Government Sells 77.65 Billion Pesos of Retail Bonds. Bloomberg 2007, Aug 3