MANILA – The Philippines is set to launch a benchmark-sized U.S. dollar bond offering on Monday, National Treasurer Rosalia De Leon said, without providing further details.

The Philippines, one of Asia’s most-active sovereign bond issuers, plans to raise as much as $5.5 billion from commercial debt markets this year to plug a budget deficit that covers the government’s pandemic response measures, including vaccine purchases and flagship infrastructure projects.

It has so far raised $500 million from a yen-denominated Samurai bond issue and sold $2.5 billion worth of euro-denominated notes. — Reuters