Ditas B Lopez 报道 菲律宾在一场零售国债拍卖中筹集了849亿比索（约13.6亿美元），为政府支出获取新资金，同时因利率居高不下而选择了更短的期限。
By Ditas B Lopez The Philippines raised 84.9 billion pesos ($1.36 billion) in a retail Treasury bond auction, securing fresh funds for government spending while opting for a shorter tenor as interest rates remain high.
周二的定价拍卖中，2029年到期的2.5年期债券票面利率为6.875%，投标总额达1886亿比索。
The 2.5-year bonds due 2029 fetched a coupon of 6.875% at the price-setting auction Tuesday, with bids totaling 188.6 billion pesos.
政府将向公众发售这些债券至10月7日，现有持有人可将今明两年到期的债券兑换为新证券。
The government will offer these to the public through Oct. 7, and existing holders may exchange notes due this and next year for the new securities.
向零售投资者出售债券是菲律宾政府的重要融资来源，占其年度借款的很大比例。
Bond sales to retail investors are a big source of financing for the Philippine government, making up a significant share of its annual borrowings.
亚洲其他国家，包括印度尼西亚和印度，也在扩大零售投资者参与此类债务的渠道，以使投资者基础多元化，不再仅依赖机构和外国持有者。
Other countries across Asia, including Indonesia and India, are also broadening retail access to such debt to diversify their investor base beyond institutional and foreign holders.
菲律宾零售债券通常以5000比索的小面额发行，使大量寻求高于银行存款回报的储户也能参与。
Retail bonds in the Philippines are typically offered in smaller denominations of 5,000 pesos, making them accessible to a large base of savers seeking higher returns than bank deposits.
这些债券普遍受到欢迎，2025年8月的发行筹集了5072亿比索，此前2024年2月创下了5850亿比索的纪录销售。
They have generally been well received, with the issuance in August 2025 raising 507.2 billion pesos after a record sale of 585 billion pesos in February 2024.
此次持续发行距离该东南亚国家首次利用零售市场筹集政府资金已过去25年。
The ongoing sale comes 25 years after the southeast Asian nation first tapped the retail market for government funding.