Philippines Sells $8.9 Billion Retail Bonds as Rates Drop

The Philippines sold 507.2 billion pesos ($8.9 billion) worth of retail treasury bonds, spurred by brisk demand from investors in search of better yields as interest rates fall.

The government raised 425.5 billion pesos in new money and 81.7 billion pesos from a bond exchange during the sale of bonds mainly intended for individual investors, according to National Treasurer Sharon Almanza on Monday. The total compares with the previous sale of a record 585 billion pesos in February last year.