The government is again tapping the global bond market, seeking at least $500 million to help finance its budget deficit.
The Philippines ventured into overseas financing last year. They raised $1 billion through their first-ever sukuk issuance in November 2023 and $1.26 billion from onshore U.S. dollar-denominated retail bonds in October. The government’s budget deficit in 2023 reached P1.512 trillion , exceeding its target but lower than the previous year. Analysts expect the deficit to continue shrinking in 2024, reaching 5.5 percent of the gross domestic product compared to 6.2 percent in 2023.
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