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  • Philippine President Rodrigo Duterte will visit China in May to attend a multilateral summit, China’s foreign ministry said, making his 2nd visit to Beijing since taking office as he seeks to further distance himself from the United States (U.S.). Pres. Duterte has carried out a stunning U-turn in the Philippines’ foreign policy since assuming office last year, making overtures towards China while berating traditional ally in the U.S. In a statement issued after the President met China’s Vice-Foreign Minister Liu Zhenmin in Manila, the Chinese foreign ministry said that Pres. Duterte was pleased with how ties had developed since he came to China last year.
  • The Philippines successfully sold $2 billion in 25-year global bonds at a rate of 3.7%, marking the 1st fund-raising activity of the Duterte administration. With this transaction, the country has extended its excellent track record in executing liability management transactions. The tight pricing we achieved on the new 25-year bond offering, we believe, underscores the confidence of global investors in the Duterte administration,” Finance Secretary Carlos Dominguez said. Proceeds will be used to fund foreign currency denominated bonds and budgetary support on the back of the Duterte administration’s plan to usher in the golden age of infrastructure.

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