菲律宾将出售2025年首批零售比索债券， maturity 2.5 年，募集 300 亿比索（约 4.78 亿美元）。9 月 29 日的定价拍卖将 precedes 10 月 7 日的公开认购。财政部还提供对 2024 年和 2027 年到期的现有证券的交割， these carry 利率从 4.875% 到 8%， and total 583 亿比索 outstanding。短期零售债券帮助政府限制对更高长期借款成本的敞口， as the central bank hints at further rate hikes。零售债券， with a minimum investment of 5,000 pesos， are designed to make government debt accessible to individual investors。This sale marks 25 years since the Philippines first tapped the retail market for funding。The most recent retail bond sale in August last year raised 507.2 billion pesos。