{"id":109481,"date":"2017-08-02T05:28:00","date_gmt":"2017-08-02T09:28:00","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=109481"},"modified":"2017-08-02T05:28:00","modified_gmt":"2017-08-02T09:28:00","slug":"ph-debt-prepayment-not-dependent-on-us-interest-rate-normalization-de-leon","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2017\/08\/02\/ph-debt-prepayment-not-dependent-on-us-interest-rate-normalization-de-leon\/","title":{"rendered":"PH debt prepayment not dependent on US interest rate normalization &#8211; De Leon"},"content":{"rendered":"<figure id=\"attachment_109483\" aria-describedby=\"caption-attachment-109483\" style=\"width: 300px\" class=\"wp-caption alignnone\"><a href=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2017\/08\/btr-logo.png\"><img loading=\"lazy\" decoding=\"async\" class=\"size-medium wp-image-109483\" src=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2017\/08\/btr-logo-300x300.png\" alt=\"De Leon said the government takes advantage of the low interest rate environment by swapping old debt instruments with new ones that have lower interest. (PNA photo)\" width=\"300\" height=\"300\" srcset=\"https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2017\/08\/btr-logo-300x300.png 300w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2017\/08\/btr-logo-150x150.png 150w, https:\/\/canadianinquirer.net\/v1\/wp-content\/uploads\/2017\/08\/btr-logo.png 454w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><figcaption id=\"caption-attachment-109483\" class=\"wp-caption-text\">De Leon said the government takes advantage of the low interest rate environment by swapping old debt instruments with new ones that have lower interest. (PNA photo)<\/figcaption><\/figure>\n<p>MANILA, Aug. 2\u2014 National Treasurer Rosalia De Leon said the Philippine government will not be aggressive in prepaying its foreign currency- denominated debts solely because of hikes in U.S. interest rates.<\/p>\n<p>She told PNA that movements in interest rates will not have immediate impact on government&#8217;s debts since majority of these liabilities have fixed rate.<\/p>\n<p>&#8220;About 99 percent (of our debt) are fixed,&#8221; she said.<\/p>\n<p>De Leon said the government takes advantage of the low interest rate environment by swapping old debt instruments with new ones that have lower interest.<\/p>\n<p>&#8220;This is why we do liability management&#8230;We offer new bonds to retire the high coupon bonds when we see the economics,&#8221; she said.<\/p>\n<p>The last time the government did a liability management exercise was in January 2017, when it accepted USD1.5 worth of dollar-denominated debt maturing from 2019 to 2037 that was submitted for swapping.<\/p>\n<p>This was made as part of the Duterte government&#8217;s first 25-year global bonds issuance worth USD2 billion with a coupon rate of 3.70 percent, lower than the initial price guidance of 3.95 percent.<\/p>\n<p>Tenders for this issuance reached USD4.5 billion while the 14 series of dollar bonds maturing between 2019 and 2037 amounted to USD19 billion.<\/p>\n<p>De Leon earlier told journalists that the government is done with its liability management for this year while possible exercise for 2018 is being studied. (Joann Santiago\/PNA)<\/p>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>MANILA, Aug. 2\u2014 National Treasurer Rosalia De Leon said the Philippine government will not be aggressive in prepaying its foreign &hellip;<\/p>\n","protected":false},"author":33,"featured_media":109483,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19,1145,95],"tags":[20300,20301],"class_list":["post-109481","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","category-headline","category-news-ph","tag-national-treasurer-rosalia-de-leon","tag-u-s-interest-rates","mauthors-joann-santiago","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/109481","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=109481"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/109481\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/109483"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=109481"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=109481"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=109481"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}