MANILA: The Philippine government raised a total of $1.6 billion from its first onshore retail dollar bond issue after a two-week offer period that closed on Friday, National Treasurer Rosalia de Leon said.

The offer, which consisted of five-year and 10-year bonds issue, attracted strong demand, De Leon told reporters late Saturday, with the amount raised almost four times the government's goal.

The coupon rates for the 2026 bonds and 2031 bonds were previously set at 1.375%, and 2.25%, respectively.

The onshore offer of an alternative investment product aimed at Filipinos overseas should boost funding for government programs to support the economy's recovery.

Strict and lengthy lockdowns knocked the Philippine economy off as it suffered a record 9.6% contraction last year.

The government traditionally offers retail treasury bonds denominated in local currency, with the most recent in March, when it sold 463.3 billion pesos of three-year bonds.

The Philippines, one of Asia's most-active sovereign bond issuers, sold $3 billion of global bonds in June in addition to the more than $3 billion generated from other offshore bond offerings in prior months.