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PHL RAISES ₧300B FROM FXTN AS HEDGE VS RISKS T
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By Reine Juvierre S. Alberto
HE Republic of the Philippines raised a total of P300 billion through its issuance of 10-year Fixed-Rate Treasury Notes (FXTNs) to hedge its funding requirements against interest rate risks brought by global market volatility. The Bureau of the Treasury (BTr) cut short the debt papers’ 10day public offering on April 23, as total demand from investors hit P307.05 billion. This made the offer 10.25 times oversubscribed, as the initial offer only amounted to P30 billion. The benchmark notes have an annual fixed coupon rate of 6.375 percent and are set to mature on April 28, 2035. The P300 billion generated through the FXTNs accounts for Continued on A2
“It’s not only about raising funds— it’s about giving the market more ways to invest in their future.”— Sharon P. Almanza, National Treasurer
P300B IN 10-YEAR FXTNs: KEY STATS AT A GLANCE
Offer size: P30 billion Total demand: P307.05 billion n Oversubscription: 10.25x n Coupon rate: 6.375% per annum n Maturity date: April 28, 2035 n Contribution to 2024 borrowing plan: 11.78% n Government’s borrowing target (2024): n Domestic: P2.037 trillion n Global: $3.5 billion n n
COLD TREATS, HOT BONDS A sorbetero waits for customers outside the Bureau of the Treasury in Intramuros—where echoes of colonial history meet the pulse of modern finance. “This offering is not only about raising funds – it’s about giving the market more ways to invest in their future,” said National Treasurer Sharon Almanza, as the BTr raised P300B through a landmark 10-year bond issuance. WALTER ERIC SY | DREAMSTIME.COM
“Risk on US Treasuries losing safe haven status would potentially lead to higher borrowing costs around the world.”— Michael L. Ricafort, RCBC Chief Economist
URELZITA | DREAMSTIME.COM
Key industries’ concerns top PHL tariff talks’ agenda
By Andrea E. San Juan
M A TASTE OF CORDILLERA'S RICH HERITAGE The aroma of native delicacies fills the air as the 6th Mangan Taku Food Fair bursts with life at Burnham Park’s Rose Garden! DOT Cordillera Administrative Region Director Jovita Ganongan invites everyone to “experience Cordillera’s flavors without traveling across provinces!” Until April 28, indulge in traditional dishes that unite the region— celebrating Food Month in true Cordilleran style. MAU VICTA
ANILA’S cards that will be laid down on the tariff negotiating table before Washington will represent the wishes of Philippine industries, according to the top official of the Department of Trade and Industry (DTI). Trade and Industry Secretary Cristina A. Roque underscored this as she revealed to reporters on Friday that she, along with Special Assistant to the President for Investment and Economic Affairs (SAPIEA) Frederick Go, are set to fly to the United States on April 29 to meet with US officials regarding the recently imposed additional tariffs by Washington against most of its trade partners. “Actually, we’re still going to meet in the next few days to really discuss. Because we had a consultation with the manufacturers, with Continued on A2
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OTING how global challenges and risks have heightened, the Department of Finance (DOF) appealed to international financial institutions to increase their support for emerging markets and developing economies (EMDEs). In an intervention at the Intergovernmental Group of Twenty-Four (G-24) Ministers and Governors Meeting in Washington, D.C., International Finance Group (IFG) Undersecretary Joven Balbosa said EMDEs, such as the Philippines, are faced with economic shocks, constrained fiscal space, climate change and growing
geopolitical and trade tensions. “International financial institutions, such as the World Bank and the International Monetary Fund, must be adequately equipped and are called upon to step in more decisively to support EMDEs through timely and accessible financing, technical assistance, knowledge support, and enhanced policy dialogue,” Balbosa said. Balbosa pointed out that the interconnected nature of global trade warrants careful consideration of “potential unintended spillovers and spillbacks” from trade measures, as most Asean
G24.ORG
IFIs asked: Hike support for emerging markets and developing economies
EMERGING MARKETS UNDER PRESSURE: CALL FOR GLOBAL FINANCIAL SUPPORT Key global challenges faced by EMDEs: n Economic shocks n Constrained fiscal space n Climate change n Geopolitical and trade tensions
“International financial institutions must be adequately equipped and are called upon to step in more decisively to support emerging markets and developing economies.”—Joven Balbosa, DOF International Finance Group Undersecretary
economies are necessary to the global supply chain. Apart from international support, Balbosa said there is a need to implement sound fiscal and monetary policies aligned with the evolving dynamics of the global economy to ensure long-term economic resilience and stability amid global headwinds. The World Bank and the IMF were also told to continue collaborating with other international financial institutions in supporting vulnerable countries and finding innovative ways to provide financing to programs and projects that contribute to global
growth and development. For the World Bank’s part, Managing Director of Operations Anna Bjerde said the Bank’s Project Preparation Facility (PPF) can support developing countries overcome project preparation barriers. The facility can be tapped by both the International Bank for Reconstruction and Development (IBRD) and the International Development Association (IDA) clients. “We think it will be very helpful in preparing good projects that are important for your development,” Bjerde said. Continued on A2
PESO EXCHANGE RATES n US 56.5210 n JAPAN 0.3962 n UK 75.4103 n HK 7.2853 n CHINA 7.7534 n SINGAPORE 43.1162 n AUSTRALIA 36.2130 n EU 64.3774 n KOREA 0.0395 n SAUDI ARABIA 15.0683 Source: BSP (April 25, 2025)