Purisima: Market too volatile to issue global bonds

Reuters

Posted at Aug 11 2011 11:15 AM | Updated as of Aug 11 2011 10:27 PM

MANILA, Philippines - The Philippines will wait until financial markets settle before pursuing plans to issue global bonds and global peso bonds of as much as $3 billion, the Finance Secretary said on Thursday.

"We're waiting to see until the market stabilizes. We're willing to wait in the sidelines," Cesar Purisima told reporters, adding it was "too volatile to go into a transaction."

The government has central bank approval for a twin offer of global peso bonds and US dollar bonds of as much as $3 billion as part of its debt swap program and to fill its remaining foreign borrowing needs this year.