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The Philippines has launched its sovereign bond sale this year in a bid to partly raise funds for its record budget this year.

National Treasurer Roberto Tan did not say how much they are raising, but he earlier said $750 million of the proceeds will fund government projects while the rest would be used to pay off higher interest rate bearing debts.

In 2016, government plans to borrow P675 billion from local and foreign lenders to help finance its record 3 trillion budget.

The bond sale was slated earlier this year but the treasury decided to postpone it until markets stabilize.

-ANC's Market Edge, February 18, 2016