Philippines Congress proposes retail bond to fund military modernisation

Congress on Monday asked the Philippine government to study a proposal to issue a P150 billion ($3.2 billion) retail bond to fund a long-term military modernization plan to secure its strategic reserves in the South China Sea.

Arnel Ty, deputy minority leader at the lower house of Congress, said Congress will ask the Treasury to consider a bond issue to enable Filipinos to save and at the same time help secure the Philippines’ maritime borders against China’s rapid expansion in the South China Sea.