MANILA – The Philippines has sold $2 billion in dollar-denominated bonds despite volatility in the global market, highlighting investor confidence in the economy and the new government of President Rodrigo Duterte, the country’s treasurer said Thursday.

The 25-year securities, which were priced at par to yield 3.7 percent, were oversubscribed, National Treasurer Roberto Tan told ANC’s “Market Edge with Cathy Yang.”

Manila will “look into” a possible yuan bond issue next year, Tan said, adding the foreign component of this year’s borrowing program was finished.

“This is an achievement that we can be proud of, particularly now that we are under new leadership, showing the confidence of the international investor market on the economy as well as the new administration,” Tan said.

“For emerging markets, the Philippines stands out as one of the favorites,” he said.

It was Philippines' the first foreign debt issue under Duterte, who assumed office in June last year with the promise to fight crime and corruption.

The economy grew 7.1 percent in the third quarter last year, Duterte’s first three months in office. The pace maintained the Philippines’ status as one of the world’s fastest-growing economies.

Asked about yuan-denominated debt or “panda bonds,” Tan said: “We will probably look inot that but it might be sometime after this year. We have not programmed a panda bond issuance this year.”