The government remains open to the idea of issuing bonds overseas to finance the government’s development and infrastructure projects, Finance Secretary Carlos Dominguez III said over the weekend.
Dominguez said the Department of Finance was looking at a Samurai bond issuance or another dollar bond sale this year, but these would all depend on the government’s requirements.
“I have to talk to Lea (National Treasurer Rosalia de Leon) because our expenditures really went down. Our deficit went down to 2.1 percent...,” Dominguez told reporters.
Economic managers earlier set a budget deficit of 3.2 percent of the gross domestic product for this year, higher than last year’s 3 percent.
Dominguez, however, said the government was not yet conceding underspending for the rest of the year, judging from the latest fiscal data.