Philippines says looking to cut 2013 planned global bond sales

 
Philippine one thousand-peso banknotes are arranged for a photograph in Manila, the Philippines, on Wednesday, Aug 29, 2012. The Philippines, one of Asia's most prolific foreign debt issuers, is likely to cut planned overseas bond issues next year, with the government keen to rely more on the domestic debt market for its borrowing needs. -- PHOTO: BLOOMBERG

MANILA (REUTERS) - The Philippines, one of Asia's most prolific foreign debt issuers, is likely to cut planned overseas bond issues next year, with the government keen to rely more on the domestic debt market for its borrowing needs.

The South-east Asian economy wants to reduce dependence on foreign borrowing by pursuing debt swaps and innovative deals such as local currency-denominated global bonds, to better manage its debt load and win investment grade rating.

Next year's planned global bond sales will "most likely" be cut to US$1.5 billion (S$1.83 billion ) to $2 billion from an original programme of $3 billion, National Treasurer Rosalia De Leon told reporters.

The government also plans to regularly issue US dollar-denominated bonds to local investors, as it seeks "to develop new funding sources in the local market," Ms De Leon said.

TO READ THE FULL STORY...