MANILA - The Bureau of the Treasury has sold P463.3 billion ($9.53 billion) worth of three-year Retail Treasury Bonds (RTBs), raising 411.8 billion pesos of fresh funds, National Treasurer Rosalia De Leon said on Thursday.

Proceeds from the bond sale, which initially raised P221.2 billion at a Feb 9 auction for financial institutions and includes a bond exchange offer worth P51.5 billion, will help finance the government's pandemic relief and economic recovery initiatives.

De Leon said the latest retail bond offer showed increased awareness from retail investors on government securities as a "safe and convenient investment."

She also noted that there were more purchases of RTBs through mobile apps and online channels compared with previous RTB offerings.

The Philippines has been borrowing heavily to finance its infrastructure push, and its COVID-19 response, with the national government’s total debt hitting a record P10.3 trillion at the end of January.

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Despite this, the country has the second-highest tally of infections and deaths due to the disease in Southeast Asia. It was also the last in the region to secure supplies of COVID-19 vaccines.

The Philippine economy, which suffered its worst contraction since the Second World War, is also seen to recover more slowly than its neighbors.

- With a report from Reuters

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