The Philippines is set to launch its planned RMB 1.46 billion-worth Panda bond soon, Finance Secretary Carlos Dominguez III said.
“In a week or so,” Finance Secretary Carlos Dominguez III told reporters Wednesday.
The country’s planned renminbi-denominated bond issuance, its first-ever, has received triple A rating with Stable outlook from China Lianhe Credit Rating Co. Ltd..
The Chinese credit rating agency cited the country’s sustained economic growth, low external debt and robust external payments position as major factors for the debt paper’s ratings.
For this year, it expects the Philippines to post a growth of around 6.8 percent and inflation to stay within the government’s two to four percent target.
The credit rater also said implementation of the first package of the Tax Reform for Acceleration and Inclusion (TRAIN) “will help the Philippines achieve more rapid and equitable economic growth in the following years.”
Some Philippine finance officials are scheduled to hold roadshows in various Asian countries like Singapore as well as China’s Special Administrative Region of Hong Kong this week for the Panda bond issuance, which is issued by a non-Chinese issuer in China.
Panda bond issuance is part of Philippine finance officials’ decision to diversify the government’s securities investments. PNA