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Philippines to issue $200Mln of Yuan-Denominated Bonds by November

Philippine-China relations have improved dramatically since President Rodrigo Duterte took office last year.

MOSCOW (Sputnik) – The Philippines will release so-called Panda bonds, which are yuan-denominated bonds issued by a non-Chinese entity and sold in China, by November hoping to raise $200 million, the country’s Finance Department said Wednesday in a statement.

“[Finance Secretary Carlos] Dominguez also said the Philippines plans to “test the debt market” in China by issuing renminbi-denominated Panda bonds by around November this year,” the statement read.

According to the statement, the government is planning to raise about $200 million with the help of these bonds.

“We are very happy that the Bank of China has come to our assistance. It’s a small issue—the first baby step we are issuing—a $200 million bond by around November of this year. This will be the first of many in the future,” Dominguez said, as quoted in the Finance Department’s statement.

According to the statement, the Philippine government is currently working to secure all necessary approvals and to comply with all requirements to enter China’s bond market.

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