MANILA — The Philippine government has raised USD2.5 billion from a triple-tranche dollar bond offering, marking its second entry into the international capital markets this year, the Bureau of the Treasury (BTr) said Wednesday.

The transaction was composed of USD550 million from a 5.5-year bond priced at a reoffer yield of 4.699 percent, USD1.65 billion from a 10-year bond with a 5.355 percent yield, and USD300 million from a tap of the country’s 2051 Global Bonds at a 5.850 percent yield.

The offer drew strong demand from international investors, with the order book reaching 4.4 times the size of the issuance. This allowed the government to expand the total transaction size from an initial target of USD2 billion to USD2.5 billion.

“The second international bond offering of the Republic for 2026 continues to be met with a positive reception from global investors. The strong demand signifies strong confidence in the Philippines’ economic resilience and foundational stability, even amidst prevailing challenging market conditions and short-lived execution windows,” Finance Secretary Frederick Go said in a statement.

“This outcome reinforces the Republic’s progress toward economic growth, its adherence to sound fiscal policies, and its commitment to fostering sustainable and inclusive economic development.”

The bonds are scheduled to settle on June 24, with proceeds earmarked for general budget financing.

“Recent favorable market conditions presented an opportunity for the Republic to re-enter the international capital markets. Our aim is to harness this market momentum in order to secure the most efficient cost dynamics in anticipation of potential future market uncertainties. We continue to value the outstanding global support of the bond investor community through our journey,” National Treasurer Sharon Almanza said.

BNP Paribas, Citigroup, HSBC, J.P. Morgan, MUFG, and Standard Chartered Bank served as joint lead managers and bookrunners for the transaction.