Ala said the government's issuance of sukuk bonds is a positive step in advancing the growth of the country's Islamic banking and finance sector. “We're looking and another billion dollar issuance and maybe this time around if we make it to the 12 week preparation time, then you'll be issuing a sukok structure bond,” the Treasurer said.īangko Sentral ng Pilipinas Assistant Governor Arifa A. The Marcos government intends to borrow $5 billion from commercial sources in 2023, and they have already obtained $3 billion of that amount to date.ĭe Leon said the government may raise $1 billion through sukuk bonds and an additional $1 billion through US dollar notes. ![]() “So hopefully, we can do this before the end of the year or if ever, we'll have to have to slip to the first quarter of 2024,” she added. “As for the timing, we've been told that there would have to be a 12 week preparatory lead time that would be needed,” De Leon said. Instead of earning interest, investors receive a share of profits from the assets or projects financed by the bonds.ĭe Leon stated that the government plans to sell Islamic notes with five- and 10-year maturities, which are appealing to both small and institutional investors. Sukuk bonds are like regular bonds, but they follow Islamic principles. “We’re now discussing with some of our potential underwriters in terms of the preparatory arrangements that we need to do, including the structure, whether it would be a hybrid-a wakalah, ijara, or murabaha,” de Leon said. de Leon said that Manila aims to raise approximately P56.6 billion through Islamic bonds, also called sukuk bonds, before the end of 2023 or early next year. ![]() In a briefing in Dubai, National Treasurer Rosalia V. The Philippine government plans to borrow $1 billion from the Islamic debt market, marking the country's first venture into this type of financing, the Bureau of the Treasury said.
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