Philippines tops up on local debt

Ahead of an election year and a likely US rate hike the Philippines is leaning on local debt and mulling a sukuk, says National Treasurer Roberto Tan.
Roberto Tan speaks at FinanceAsia's conference
Roberto Tan speaks at FinanceAsia's conference

The Philippines will continue to issue local debt to reduce foreign currency risk and is mulling issuing a sukuk said Philippines Treasurer Roberto Tan on Tuesday, as the nation prepares for an election year at home and as the US prepares to hike interest rates. 

The Philippines government has a relatively high but declining foreign currency exposure which leaves it vulnerable to volatile overseas financial markets.

The Treasury has improved the nation's debt structure in recent years mitigating currency and refinancing risks. The proportion of government debt denominated in foreign currency has fallen to 33% and the average maturity has lengthened to around 10 years from...

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