Strong bids for panda bonds show investor confidence in PH — DOF
Bids received for the first-ever panda bonds were overwhelming.
The Philippines proved to be a sound investor destination through its maiden issuance of global bonds denominated in the Chinese yuan, Finance Secretary Carlos Dominguez III said.
Some 1.46 billion renminbi worth of three-year panda bonds received as much as 9.22 billion renminbi of offers, which pushed down interest rates to a flat 5 percent.
“The Philippine government’s successful inaugural issuance of Panda bonds highlights the investor confidence that the country enjoys on the back of its strong credit profile,” Dominguez said.
“The Duterte administration is committed to sustaining the growth momentum and making the economy a more inclusive one by way of massive investments in infrastructure and human capital development. It intends to pursue this unprecedented level of public spending while maintaining sound economic policies and observing fiscal discipline.”