Obbligazione Filipinas 0.875% ( XS1991219442 ) in EUR

Emittente Filipinas
Prezzo di mercato refresh price now   100 EUR  ▲ 
Paese  Filippine
Codice isin  XS1991219442 ( in EUR )
Tasso d'interesse 0.875% per anno ( pagato 1 volta l'anno)
Scadenza 16/05/2027



Prospetto opuscolo dell'obbligazione Philippines XS1991219442 en EUR 0.875%, scadenza 16/05/2027


Importo minimo 100 000 EUR
Importo totale 750 000 000 EUR
Coupon successivo 17/05/2026 ( In 78 giorni )
Descrizione dettagliata Le Filippine sono un arcipelago di oltre 7000 isole nel sud-est asiatico, caratterizzato da una ricca biodiversità, una cultura variegata e una storia complessa influenzata da colonizzazioni spagnola e americana.

Le Ministero delle Finanze delle Filippine ha emesso un'obbligazione in euro (XS1991219442) con un valore nominale di 750.000.000 EUR, cedola annua dello 0,875%, scadenza 16/05/2027, taglio minimo di 100.000 EUR, attualmente negoziata al 100%.







PROSPECTUS SUPPLEMENT TO PROSPECTUS DATED JANUARY 2, 2018
750,000,000
Republic of the Philippines
0.875% Global Bonds due 2027
The Republic of the Philippines (the "Republic") will pay interest on the global bonds on May 17 in each year. The first
interest payment on the global bonds will be made on May 17, 2020 in respect of the period from (and including) May 17,
2019 to (but excluding) May 17, 2020. The Republic may not redeem the global bonds prior to their maturity. The global
bonds will mature at par on May 17, 2027.
The global bonds will be the direct, unconditional, unsecured and general obligations of the Republic and will rank without
any preference among themselves and equally with all other present and future unsecured and unsubordinated external
indebtedness of the Republic. It is understood that this provision shall not be construed so as to require the Republic to make
payments under the global bonds ratably with payments being made under any other external indebtedness of the Republic.
The global bonds will be designated Collective Action Securities issued under a fiscal agency agreement, as supplemented,
and constitute a separate series of debt securities under the fiscal agency agreement. The fiscal agency agreement contains
provisions regarding future modifications to the terms of the global bonds that differ from those applicable to the Republic's
outstanding external public indebtedness issued prior to February 1, 2018. Under these provisions, which are described in the
section entitled "Description of the Global Bonds," the Republic may, among other things, amend the payment provisions of
any series of debt securities (including the global bonds) and other reserve matters listed in the fiscal agency agreement with
the consent of the holders of: (i) with respect to a single series of debt securities, more than 75% of the aggregate principal
amount of the outstanding debt securities of such series; (ii) with respect to two or more series of debt securities, if certain
"uniformly applicable" requirements are met, more than 75% of the aggregate principal amount of the outstanding debt
securities of all series affected by the proposed modification, taken in the aggregate; or (iii) with respect to two or more series
of debt securities, more than 66 2/3% of the aggregate principal amount of the outstanding debt securities of all series affected
by the proposed modification, taken in the aggregate, and more than 50% of the aggregate principal amount of the outstanding
debt securities of each series affected by the proposed modification, taken individually.
The offering of the global bonds is conditional on the receipt of certain approvals of the Monetary Board of the Bangko
Sentral ng Pilipinas, the central bank of the Republic.
The global bonds are being offered globally for sale in the jurisdictions where it is lawful to make such offers and sales.
Application has been made to admit the global bonds to listing on the Official List of the Luxembourg Stock Exchange and to
trading on the Euro MTF Market ("Euro MTF"). We cannot guarantee that the application to the Luxembourg Stock
Exchange will be approved, and settlement of the global bonds is not conditional on obtaining the listing.
We expect to deliver the global bonds to investors in registered book-entry form only through the facilities of Clearstream
Banking, S.A. ("Clearstream, Luxembourg" or "Clearstream"), and Euroclear Bank, SA/NV ("Euroclear" or the "Euroclear
System"), on or about May 17, 2019.
Per Bond
Total
Price to investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
99.104%
743,280,000
Underwriting discounts and commissions . . . . . . . . . . . . . . . .
0.050%

375,000
Proceeds, before expenses, to the Republic . . . . . . . . . . . . . . .
99.054%
742,905,000
Neither the Securities and Exchange Commission nor any other regulatory body has approved or disapproved of these
securities or determined if this prospectus supplement or the accompanying prospectus is truthful or complete. Any
representation to the contrary is a criminal offense.
Joint Global Coordinators, Joint Lead Managers and Joint Bookrunners
Deutsche Bank
UBS
Joint Lead Managers and Joint Bookrunners
BNP PARIBAS
Credit Suisse
Deutsche Bank
Standard Chartered Bank
UBS
The date of this prospectus supplement is May 9, 2019.


[THIS PAGE INTENTIONALLY LEFT BLANK]
S-2


TABLE OF CONTENTS
Prospectus Supplement
Pages
INTRODUCTORY STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-4
SUMMARY OF THE OFFERING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-5
USE OF PROCEEDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-9
RECENT DEVELOPMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-10
DESCRIPTION OF THE GLOBAL BONDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-26
GLOBAL CLEARANCE AND SETTLEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-34
TAXATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-35
UNDERWRITING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-40
LEGAL MATTERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-46
GENERAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-46
TABLE OF CONTENTS
Prospectus
Pages
ABOUT THIS PROSPECTUS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
2
FORWARD-LOOKING STATEMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
DATA DISSEMINATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
USE OF PROCEEDS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
3
RATINGS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
4
DESCRIPTION OF THE SECURITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
Description of the Debt Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
5
Description of the Warrants . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
14
Limitations on Issuance of Bearer Debt Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
15
Ranking Provisions of the Debt Securities . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
16
COLLECTIVE ACTION SECURITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
17
TAXATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
21
PLAN OF DISTRIBUTION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
31
VALIDITY OF THE SECURITIES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
33
AUTHORIZED REPRESENTATIVE IN THE UNITED STATES . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
33
EXPERTS; OFFICIAL STATEMENTS AND DOCUMENTS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
33
FURTHER INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
33
S-3


You should read this prospectus supplement along with the prospectus that accompanies it. You
should rely only on the information contained or incorporated by reference in this document and the
accompanying prospectus or to which we have referred you. We have not authorized anyone to provide
you with information that is different. This document may only be used where it is legal to sell these
securities. This document and the accompanying prospectus may only be used for the purposes for which
they have been published. The information in this prospectus supplement and the accompanying
prospectus may only be accurate as of the date of this prospectus supplement or the accompanying
prospectus, as applicable. Terms used herein but not otherwise defined shall have the meaning given to
them in the prospectus that accompanies this prospectus supplement.
INTRODUCTORY STATEMENTS
The Republic accepts responsibility for the information that is contained in this prospectus supplement and
the prospectus that accompanies it. To the best of the knowledge and belief of the Republic (which has taken all
reasonable care to ensure that such is the case), the information contained in this prospectus supplement and the
accompanying prospectus is in accordance with the facts and does not omit anything likely to affect the import of
such information.
The Republic is a foreign sovereign state. Consequently, it may be difficult for you to obtain or realize upon
judgments of courts in the United States against the Republic. See "Description of the Securities--Description of
the Debt Securities--Jurisdiction and Enforceability" in the accompanying prospectus.
The distribution of this prospectus supplement and the accompanying prospectus and the offering of the
global bonds may be legally restricted in some countries. If you wish to distribute this prospectus supplement or
the accompanying prospectus, you should observe any applicable restrictions. This prospectus supplement and
the accompanying prospectus should not be considered an offer, and it is prohibited to use them to make an offer,
in any state or country in which the making of the offering of the global bonds is prohibited. For a description of
some restrictions on the offering and sale of the global bonds and the distribution of this prospectus supplement
and the accompanying prospectus, see "Underwriting" on page S-40.
This document is only being distributed to and is only directed at (i) persons who are outside the United
Kingdom and (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005 (the "Order") or (iii) high net worth entities, and other persons to
whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons
together being referred to as "relevant persons"). The global bonds are only available to, and any invitation, offer
or agreement to subscribe, purchase or otherwise acquire such global bonds will be engaged in only with,
relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its
contents.
Notification under Section 309B(1) of the Securities and Futures Act, Chapter 289 of Singapore--The
global bonds are prescribed capital markets products (as defined in the Securities and Futures (Capital Markets
Products) Regulations 2018) and Excluded Investment Products (as defined in MAS Notices SFA 04-N12:
Notice on the Sale of Investment Products and MAS Notice FAA-N16: Notice on Recommendations on
Investment Products).
All references in this prospectus supplement (a) to the "Republic" or the "Philippines" are to the Republic of
the Philippines, (b) to the "Government" are to the national government of the Philippines and (c) to "Bangko
Sentral" or "BSP" are to Bangko Sentral ng Pilipinas, the central bank of the Philippines.
Unless otherwise indicated, all references in this prospectus supplement to "P" are to the lawful national
currency of the Philippines, those to "dollars," "U.S. dollars," "US$" or "$" are to the lawful currency of the
United States of America, and those to "Euro", "EUR" or "" are to the currency introduced at the start of the
third stage of the European Economic and Monetary Union pursuant to the Treaty establishing the European
Community.
S-4


SUMMARY OF THE OFFERING
This summary highlights information contained elsewhere in this prospectus supplement and the
accompanying prospectus. You should read the entire prospectus supplement and the accompanying prospectus
carefully.
Issuer . . . . . . . . . . . . . . . . . . . . . . . . . . . Republic of the Philippines.
Bonds . . . . . . . . . . . . . . . . . . . . . . . . . . . 750,000,000 0.875% Global Bonds due 2027.
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . The global bonds will bear interest at 0.875% from May 17, 2019,
payable annually in arrears.
Issue Date . . . . . . . . . . . . . . . . . . . . . . . . May 17, 2019.
Interest Payment Dates . . . . . . . . . . . . . May 17 of each year, payable to the persons who are registered
holders thereof at the close of business on the preceding May 12,
whether or not a business day; provided that so long as the global
bonds are settled through the facilities of Clearstream and Euroclear,
the record date shall be the close of business (in the relevant clearing
system) on the Business Day before the relevant interest payment
date, where Business Day means a day on which the relevant clearing
system is open for business. The first interest payment will be made
on May 17, 2020 in respect of the period from (and including)
May 17, 2019 to (but excluding) May 17, 2020.
Maturity Date . . . . . . . . . . . . . . . . . . . . May 17, 2027
Issuer Redemption . . . . . . . . . . . . . . . . . The Republic may not redeem the global bonds prior to maturity.
Status of Bonds . . . . . . . . . . . . . . . . . . . The global bonds will be direct, unconditional, unsecured and general
obligations of the Republic and will rank without any preference
among themselves and equally with all other present and future
unsecured and unsubordinated External Indebtedness (as defined in
the accompanying prospectus) of the Republic. It is understood that
this provision shall not be construed so as to require the Republic to
make payments under the global bonds ratably with payments being
made under any other external indebtedness of the Republic. The full
faith and credit of the Republic will be pledged for the due and
punctual payment of all principal and interest on the global bonds.
See "Description of the Securities--Description of the Debt
Securities--Status of Bonds" in the accompanying prospectus and
"Description of the Global Bonds."
Negative Pledge . . . . . . . . . . . . . . . . . . . With certain exceptions, the Republic has agreed that it will not create
or permit to subsist any Lien (as defined in the accompanying
prospectus) on its revenues or assets to secure External Public
Indebtedness (as defined in the accompanying prospectus) of the
Republic, unless at the same time or prior thereto, the global bonds
are secured at least equally and ratably with such External Public
S-5


Indebtedness. The international reserves of Bangko Sentral represent
substantially all of the official gross international reserves of the
Republic. Because Bangko Sentral is an independent entity, the
Republic and Bangko Sentral believe that the international reserves
owned by Bangko Sentral are not subject to the negative pledge
covenant in the global bonds and that Bangko Sentral could in the
future incur External Public Indebtedness secured by such reserves
without securing amounts payable under the global bonds. See
"Description of the Securities--Description of the Debt Securities--
Negative Pledge Covenant" in the accompanying prospectus.
Taxation . . . . . . . . . . . . . . . . . . . . . . . . . The Republic will make all payments of principal and interest in
respect of the global bonds free and clear of, and without withholding
or deducting, any present or future taxes of any nature imposed by or
within the Republic, unless required by law. In that event, the
Republic will pay additional amounts so that the holders of the global
bonds receive the amounts that would have been received by them
had no withholding or deduction been required, subject to certain
exceptions. See "Description of the Securities--Description of the
Debt
Securities--Additional
Amounts"
in
the
accompanying
prospectus.
Collective Action Clauses . . . . . . . . . . . The global bonds will be designated Collective Action Securities
issued under a fiscal agency agreement, as supplemented, and
constitute a separate series of debt securities under the fiscal agency
agreement. The fiscal agency agreement contains provisions
regarding future modifications to the terms of the global bonds that
differ from those applicable to the Republic's outstanding external
public indebtedness issued prior to February 1, 2018. Under these
provisions, which are described in the section entitled "Description of
the Global Bonds," the Republic may, among other things, amend the
payment provisions of any series of debt securities (including the
global bonds) and other reserve matters listed in the fiscal agency
agreement with the consent of the holders of: (i) with respect to a
single series of debt securities, more than 75% of the aggregate
principal amount of the outstanding debt securities of such series;
(ii) with respect to two or more series of debt securities, if certain
"uniformly applicable" requirements are met, more than 75% of the
aggregate principal amount of the outstanding debt securities of all
series affected by the proposed modification, taken in the aggregate;
or (iii) with respect to two or more series of debt securities, more than
66 2/3% of the aggregate principal amount of the outstanding debt
securities of all series affected by the proposed modification, taken in
the aggregate, and more than 50% of the aggregate principal amount
of the outstanding debt securities of each series affected by the
proposed modification, taken individually.
Cross-Defaults . . . . . . . . . . . . . . . . . . . . Events of default with respect to the global bonds include (i) if the
Republic fails to make a payment of principal, premium, prepayment
charge or interest when due on any External Public Indebtedness with
S-6


a principal amount equal to or greater than $25,000,000 or its
equivalent, and this failure continues beyond the applicable grace
period; or (ii) if any External Public Indebtedness of the Republic or
the central monetary authority in principal amount equal to or greater
than $25,000,000 is accelerated, other than by optional or mandatory
prepayment or redemption. See "Collective Action Securities--
Events of Default: Cross Default and Cross Acceleration" in the
accompanying prospectus.
Listing . . . . . . . . . . . . . . . . . . . . . . . . . . . The Republic is offering the global bonds for sale in the United States
and elsewhere where such offer and sale is permitted. Application has
been made to admit the global bonds to listing on the Official List of
the Luxembourg Stock Exchange and to trading on the Euro MTF.
The Republic cannot guarantee that the application to the
Luxembourg Stock Exchange will be approved, and settlement of the
global bonds is not conditional on obtaining the listing.
Form, Denomination and
Registration . . . . . . . . . . . . . . . . . . . . The global bonds will be issued in fully registered form in minimum
denominations of 100,000 and integral multiples of 1,000 in excess
thereof. The global bonds will be represented by one or more global
securities registered in the name of a nominee of, and deposited with,
the common depositary for Euroclear and Clearstream. Beneficial
interests in the global securities will be shown on, and the transfer
thereof will be effected only through, records maintained by
Euroclear and Clearstream and their respective participants.
Settlement of all secondary market trading activity in the global
bonds will be made in immediately available funds. See "Description
of the Securities--Description of the Debt Securities--Global
Securities" in the accompanying prospectus and "Global Clearance
and Settlement."
Further Issues . . . . . . . . . . . . . . . . . . . . The Republic may from time to time, without notice to or the consent
of the registered holders of the global bonds, issue further bonds
which will form a single series with the global bonds. See "Collective
Action Securities--Further Issues of Debt Securities" in the
accompanying prospectus.
Use of Proceeds . . . . . . . . . . . . . . . . . . . The Republic intends to use the net cash proceeds from the sale of the
global bonds for general purposes of the Republic, including
budgetary support.
Fiscal Agent . . . . . . . . . . . . . . . . . . . . . . The Bank of New York Mellon (as successor in interest to JPMorgan
Chase Bank, N.A.).
London Paying Agent . . . . . . . . . . . . . . The Bank of New York Mellon, London Branch
Transfer Agent and Registrar . . . . . . . The Bank of New York Mellon SA/NV, Luxembourg Branch
S-7


Governing Law . . . . . . . . . . . . . . . . . . . The Fiscal Agency Agreement (as defined below) and the global
bonds will be governed by and interpreted in accordance with the
laws of the State of New York. The laws of the Republic will govern
all matters governing authorization and execution of the Fiscal
Agency Agreement and the global bonds by the Republic.
S-8


USE OF PROCEEDS
The Republic intends to use the net cash proceeds from the sale of the global bonds for general purposes of
the Republic, including budgetary support. None of the underwriters shall have any responsibility for the
application of the net cash proceeds from the sale of the global bonds.
S-9


RECENT DEVELOPMENTS
The information contained in this section supplements the information about the Republic corresponding to
the headings below that is contained in Exhibit 99.D to the Republic's annual report on Form 18-K for the fiscal
year ended December 31, 2017. To the extent the information in this section differs from the information
contained in such annual report, you should rely on the information in this section. Capitalized terms not defined
in this section have the meanings ascribed to them in the annual report.
Recent Economic Indicators
Gross domestic product, or GDP, growth and gross national income, or GNI, growth at constant 2000 prices
in 2018 was 6.2% and 5.8%, respectively. The main drivers of growth in 2018 were the construction subsector
and the public administration and defense; compulsory social security subsector. The 91-day T-bill rate was 5.8%
as of March 31, 2019. Preliminary data indicate that gross and net international reserves as of March 31, 2019
were $83.2 billion, equal to 7.3 months of average imports of goods and payment of services and primary income
that can be financed by reserves. The growth rate of domestic credit from December 31, 2017 to December 31,
2018 was 14.6%.
Preliminary data indicate that the growth rate of domestic credit from January 31, 2018 to January 31, 2019
was 12.2%.
Gross Domestic Product
In 2018, GDP grew by 6.2%, compared with growth of 6.7% in 2017. The largest contributor to the lower
rate of growth in 2018 was a decrease in the rate of growth in the manufacturing subsector, from growth of 8.4%
in 2017 to growth of 4.9% in 2018. Decreased rates of growth in the trade and repair of motor vehicles,
motorcycles, personal and household goods subsector and the real estate, renting and business activities
subsector, from growth of 7.3% and 7.4%, respectively, in 2017, to growth of 5.9% and 4.8%, respectively, in
2018, also contributed to this decrease. Partially offsetting the lower performance of these subsectors were higher
rates of growth in the construction subsector and the public administration and defense; compulsory social
security subsector, from growth of 5.3% and 7.8%, respectively, in 2017, to growth of 15.9% and 14.6%,
respectively, in 2018. Growth in the other services subsector also increased from 6.4% in 2017 to growth of 7.7%
in 2018.
GNI in 2018 grew by 5.8%, compared to growth of 6.6% in 2017. The GNI growth rate was lower than the
GDP growth rate due to the lower growth in net primary income of 3.7% in 2018, compared to GDP growth of
6.2% in 2018. The growth in net primary income of 3.7% in 2018 represented a decrease from the 5.9% growth
in net primary income in 2017.
In the first three months of 2019, GDP grew by 5.6%, compared with growth of 6.5% in the first three
months of 2018.
S-10


Document Outline