FILE PHOTO: Philippine Finance Secretary Benjamin Diokno attends an economic briefing following President Ferdinand Marcos Jr's first State of the Nation Address, in Pasay City, Metro Manila, Philippines, July 26, 2022. REUTERS/Lisa Marie David/File PhotoMANILA: The Philippines plans to issue its maiden sukuk bonds by the end of November, its finance secretary said, as it seeks to develop alternative funding sources for its budget.
"We'll go back to the Middle East to sell our sukuk bonds," Diokno said in an embargoed press conference, adding they may launch the issue in the United Arab Emirates , where Philippine officials last month held a non-deal road show to woo investors. The Philippines, one of Asia's most active sovereign debt issuers, plans to borrow around US$44 billion from debt markets, with about a quarter of that coming from foreign sources, to fund the government's 5.77 trillion pesos budget for next year.
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