MANILA - The Philippines raised P100 billion ($2.1 billion) from the sale of retail treasury bonds, the first under President Rodrigo Duterte's government which has pledged to raise infrastructure spending to boost growth.

The nine-day public offer for 3.5 percent 2026 bonds which closed on Sept. 16 attracted "considerable demand," the Bureau of Treasury said in a statement.

The retail bond offer provides small investors with safe and long-term investment options.

Proceeds from the sale will help finance the government's plan to increase infrastructure spending and improve social services.

Manila's budget deficit this year is expected to reach 2.7 percent of gross domestic product, significantly wider than the previous year's 0.9 percent, as it has promised to ramp up spending to modernize and build new roads, airports, seaports, rail systems.