Asia FX and Rates Strategy: Philippines: Better Balanced ‘26 Supply, Lower Net Issuance Seen for ‘27

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11 Aug 2026 06:20:52 ET │ 11 pages

Asia FX and Rates Strategy

Philippines: Better Balanced '26 Supply, Lower Net Issuance Seen for

'27

CITI'S TAKE

Newly released borrowing figures signal a more balanced supply outlook for

2026 and lighter net supply picture for 2027. A key change is the greater

reliance on external borrowing, and more recently shifting the domesticexternal split to 70-30 for 2026 (vs 77-23 originally) and further to 72-28 for

2027. This reduces pressure on the domestic bond market, making the

remaining 2026 supply and any potential "jumbo" offering more

manageable than initially thought. Looking to 2027, while gross borrowing

is projected to be higher, net supply is expected to be lower than 2026. This

outlook is further improved by the potential for higher-than-budgeted T-bill

issuance, which could bring net supply down even more.

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Gordon Goh AC

Rohit Garg AC