MANILA: The government is eyeing the issuance of another retail treasury bond (RTB) as part of its efforts to raise the PHP2.46-trillion total financing requirement for this year.
In a statement on Friday, the Finance department said the Bureau of the Treasury (BTr) targets to issue the 30th tranche of its RTB within the first quarter of 2024.
“The RTBs encourage ordinary Filipinos to start investing in safe and stable sources of passive income, while promoting financial inclusion. To further this agenda, the BTr is looking to engage more digital finance platforms, allowing the BTr to reach a wider investor base,” the DOF said.
The issuance of the RTB was one of the topics during a meeting held on Jan. 17 at the BTr office in Intramuros, Manila convened by Finance Secretary Ralph Recto to discuss the country’s 2024 financing program.
To raise the country’s total financing requirement of PHP2.46 trillion for this year, the government will continue to adopt a 75:25 borrowing mix in favor of domestic sources
.
“This prudent debt management strategy will allow the country to effectively mitigate foreign exchange risks, take advantage of the abundant liquidity in the country’s financial system, and support the development of the local debt and capital markets,” the DOF added.
To further develop the country’s local debt and capital markets, the BTr will spearhead several capital market development initiatives such as improving the Government Securities Repurchase Agreement (Repo) Program and inclusion in an emerging market bond index.
To fulfill its 2024 external financing program, the BTr is looking at various global bond markets, consistent with its objective of diversifying funding sources.
The BTr is also exploring a potential curtain-raiser offering in the first semester of the year.
Last year, the BTr raised PHP1.87 trillion despite the challenging market environment.
Of the total, PHP1.65 trillion was sourced from the issuance of domestic treasury bills and government securities, while another PHP220 bi
llion from external commercial sources.
Source: Philippines News Agency
Budapest: The Romanian press on January 19 highlighted the upcoming official visit to Romania by Prime Minister Pham Minh Chinh.
Graiul Maramuresului newspaper, in an article by Pavel Suian, underlined the geographical location of Vietnam and explored the enduring relations cultivated by the two nations over the past decades.
Suian reflected on Vietnam’s remarkable economic development over the last four decades, achieving a consistent growth rate of 6-7%, and even 8% in recent years. Under the leadership of the Communist Party of Vietnam, the country has achieved notable milestones and is now a member of various multilateral organisations and forums.
The article emphasised Vietnam’s commitment to expanding cooperation globally and promoting integration across all sectors. Currently, the Vietnamese Government is ambitiously striving for the country to be among the pioneers in the fourth industrial revolution.
To leverage new technologies such as artificial intelligence (AI), the Vietnamese Government has
made a series of decisions to improve the quality of general education, establish research and technology institutes, encourage the use of new AI technologies, modernise businesses through AI adoption, and invest in technology research, he wrote.
Meanwhile, the daily Adevarul also published an article saying that the official welcome ceremony for PM Chinh and a high-ranking Vietnamese delegation will be held on January 22 at Victoria Palace, where the Vietnamese leader will also hold talks with his Romanian counterpart Marcel Ciolacu.
It cited the Government’s spokesman Mihai Constantin as saying that several documents are expected to be signed during the visit.
Additionally, a bilateral economic forum will be organised, during which the two countries will propose the signing of a draft Memorandum of Understanding to enhance business cooperation and identify economic areas of interest between the Romanian Ministry of Economy, Entrepreneurship and Tourism and the Vietnamese Ministry of Industry and Trade./.
Source: Vietnam News Agency