MANILA: The Philippine government said on Thursday it had successfully priced a triple-tranche euro-denominated bond offering totalling 2.1 billion euro ($2.5 billion), which will help fund budget spending.

National Treasurer Rosalia de Leon said the issue, which follows last month's $500-million Samurai bond sale, consists of 650 million euro worth of four-year bonds, 650 million euro worth of 12-year bonds, and 800 million euro worth of 20-year bonds.

The latest bond transaction is part of the Philippines' overseas commercial borrowing programme for this year worth $5.5 billion, intended to plug a budget deficit that covers its pandemic response measures, including vaccine purchases, and flagship infrastructure projects.