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Economy

Philippines readies $1bn samurai bond, the first in 8 years

Finance chief confident 'robust' economy will absorb US rate hikes

The Philippines seeks to diversify the source of foreign funds, according to Secretary of Finance Carlos Dominguez. (Photo by Hidetake Miyamoto)

TOKYO -- The Philippines plans to float $1 billion worth of yen-denominated bonds in August, the nation's finance secretary says, seeking to diversify sources of foreign funds and back President Rodrigo Duterte's massive infrastructure initiative.

The Southeast Asian country last offered samurai bonds in 2010, to the tune of 100 billion yen ($912 million at present rates). That issuance was guaranteed by the Japan Bank for International Cooperation.

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