PH pays record...

can use to target broad- based and inclusive growth and development,” he added.

Meanwhile, National Treasurer Roberto B. Tan, said the strong support from investors in the transaction is a sign of confidence on the reforms and strategies that the government has institutionalized.

“We have been closely monitoring market conditions to ensure we can navigate against a challenging and volatile environment,” Tan said.

Citigroup, Deutsche Bank, HSBC and Standard Chartered served as joint global coordinators, dealer managers and joint book runners for the transaction, while Credit Suisse, J.P. Morgan, Morgan Stanley, and UBS acted as other joint bookrunners.

“The timing is good because, despite the noise on the elections and global risks, yields are generally still low,” Jonathan Ravelas, chief strategist at BDO Unibank, Inc., said as quoted by Bloomberg.

“Issuing before the elections is also a good strategy. It means whoever takes over will get the ball running from day one,” he added.

The three major international debt watchers Standard & Poor’s Ratings Services, Moody’s Investors Service, and Fitch Ratings graded the dollar bonds in line with Philippines’ own investment-grade credit score.

Earlier, the Philippine government secured the approval of the US Securities and Exchange Commission for shelf registration of $5 billion worth of dollar-denominated bonds.

In 2016, the government plans to borrow 674.8 billion from domestic and foreign creditors to help finance its record 3 trillion budget.

Of the total, 104.6 billion, will be covered by commercial borrowing and development assistance loans.