The Philippines is exploring the possibility of issuing yen-denominated bonds or “Samurai” bonds to diversify sources financing for the government’s ambitious infrastructure spending program.
“We’re exploring other [options] such as the Samurai bonds. We’re exploring lang,” Budget Secretary Benjamin Diokno told reporters in an interview after a forum in Manila on Wednesday.
The Philippines successfully issued this week renminbi-denominated bonds, or Panda bonds, with an oversubscription hitting about 6.32 times.
In a separate phone interview, National Treasurer Rosalia de Leon said the details, including the size and time table for the possible Samurai bonds offering is still in the works.
"At the moment, there are still no specific details on the plan ... What we are doing is ... Our eyes are set on all possible funding sources,” De Leon said.
Bids for the Panda bonds reached RMB9.22 billion compared with the Philippine government’s debt offering of RMB1.46 billion.
The price range was initially set at 5.00 to 5.60 percent, but the oversubscription pushed the rate to 5.00 percent. —VDS, GMA News