Philippines targets dollars, euros and the Singapore bond market

Towards the end of last week, the Republic of the Philippines completed its fourth major borrowing of the year - a $300 million five-year fixed rate deal via ING Bank. The deal was far more successful than most market participants had been expecting given current volatility and the Republic's widened spread levels. Indeed, because of a sharp decline in Treasury yields this year, it meant that the Republic was able to score a record low coupon - 7.5%. Here National Treasurer Sergio Edeza discusses the Republic's strategy for the remainder of the year and borrowing plans to deal with the expanding budget deficit.