Gov’t to aim $3-billion in retail bonds for OFWs, says Diokno

Finance Sec. Benjamin Diokno at the Kapihan in Manila Bay, November 30, 2022. | INQUIRER.net/Ryan Leagogo

MANILA, Philippines — Finance Secretary Benjamin Diokno on Wednesday said that the government aims to raise an estimated $3 billion in the issuance of dollar-denominated retail bonds targeting overseas Filipino workers (OFWs).

According to Diokno during a Kapihan sa Manila Bay forum, the government is planning to launch the said retail bonds in the first quarter of 2023.

“We’re launching it in the first quarter of next year,” said Diokno.

When asked on how much they aim to raise in the said, Diokno said “siguro mga (around) 10 percent of the annual inflow which is around $3 billion.”

However, Diokno said they are still finalizing the terms on how the government will offer the said retail bonds to OFWs, while OFWs can invest for as low as $200.

But Diokno clarified that the estimated amount raised may also still change.

“That’s just a notional number, it can be one, it can be three, that depends on the demand of the OFWs,” said Diokno.

To recall, Diokno earlier announced that the national government is considering to float US dollar-denominated retail bonds as early as December, 2022.

This, he said, would lead to a further growth in cash remittances, which is expected to help shore up the Philippine peso, which has depreciated since June.

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JPV

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