MANILA - The Philippines said on Thursday it will raise P120 billion ($2.9 billion) via local debt auctions in the first quarter of 2013, issuing more debt than planned for the current quarter, but will reduce the frequency of tenders.
The government will offer P15 billion of Treasury bills and P25 billion of T-bonds in monthly auctions from January to March, the Bureau of Treasury said in a statement.
Officials have previously said the government wants to increase its peso-denominated debt issues and cut back on overseas bond sales to wean itself from costly foreign currency debt.
Manila plans to raise only $750 million to $1 billion from the overseas debt market in 2013, less than the previously announced planned debt sales of $1.5 billion to $2 billion.
The Treasury said it planned to raise 90 billion pesos in the current quarter from T-bill and T-bond auctions held alternately every other week, with an issue size of 7.5 billion pesos and 9 billion pesos, respectively.
It doubled the allocation for the 91-day, 182-day and 364-day T-bills for each auction next quarter to P2 billion pesos, P5 billion, and P8 billion, respectively.
Earlier on Thursday, the government said its budget deficit narrowed in November from a year ago, despite its spending hitting the highest for a single month this year. Manila is likely to post a smaller-than-target budget deficit for the full-year 2012, helped by improved revenue collection.