MANILA: The Philippine government raised 221.2 billion pesos ($4.6 billion) at an auction of three-year retail treasury bonds last Tuesday, the treasury agency said.

Proceeds from the peso-denominated issue will fund the government’s 4.5 trillion pesos national budget as the Southeast Asian nation seeks to recover from the pandemic by launching infrastructure projects and purchasing millions of COVID-19 vaccines.

In a statement, the Bureau of the Treasury said the coupon rate was set at 2.375%. Tenders totalled 284.2 billion pesos, below its offer of 285 billion pesos.