Auctions would be held weekly for 91-day, 182-day and 364-day T-bills between October to December, offering up to 15 billion pesos at each sale.

There will be six treasury bond auctions in the fourth quarter, each offering 30 billion pesos of bonds carrying tenors of 5, 7 and 10 years.

The government aims to raise as much as $2 billion via bond issues denominated in yen and US dollars before the year-end, but these are part of the 2018 financing programme.

The Philippines, one of Asia's most active issuers of sovereign debt, is raising money to finance a $180 billion infrastructure plan that aims to upgrade or build roads, bridges, railways, seaports and airports.