Core Viewpoint - The Philippines is issuing 210 billion pesos in retail bonds to address its budget deficit, with a 6% coupon rate for the 5-year bonds [1] Group 1: Bond Issuance Details - The bond auction received bids exceeding 354 billion pesos, indicating strong demand [1] - The bonds will be available to the public until August 15 [1] - The issuance aims to fill a budget gap and is part of a broader borrowing strategy [1] Group 2: Historical Context and Future Plans - The expected fundraising may not exceed last year's record of 585 billion pesos from similar bonds [1] - Earlier this year, the government raised 300 billion pesos through a large bond issuance [1] - The Finance Secretary indicated that the Philippines may issue large bonds again in 2026, aiming to establish a new liquidity benchmark for institutional investors [1]