Obligation Filipinas 3% ( US718286CC97 ) en USD

Filipinas

98.21 % ▲

Philippines

US718286CC97 ( en USD )

3% par an ( paiement semestriel )

31/01/2028

Prospectus brochure de l'obligation Philippines US718286CC97 en USD 3%, échéance 31/01/2028

200 000 USD

2 000 000 000 USD

718286CC9

01/08/2026 ( Dans 154 jours )

Les Philippines sont un archipel de plus de 7 000 îles situées en Asie du Sud-Est, connues pour leur biodiversité, leur culture riche et leur histoire coloniale complexe.

L'Obligation émise par Filipinas ( Philippines ) , en USD, avec le code ISIN US718286CC97, paye un coupon de 3% par an.
Le paiement des coupons est semestriel et la maturité de l'Obligation est le 31/01/2028

PROSPECTUS SUPPLEMENT TO PROSPECTUS DATED JANUARY 2, 2018
US$2,000,000,000
Republic of the Philippines
3.000% Global Bonds due 2028
The Republic of the Philippines (the "Republic") will pay interest on the global bonds on February 1 and August 1 in each
year. The first interest payment on the global bonds will be made on August 1, 2018 in respect of the period from (and
including) February 1, 2018 to (but excluding) August 1, 2018. The Republic may not redeem the global bonds prior to their
maturity. The global bonds will mature at par on February 1, 2028.
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 by
a supplement to the fiscal agency agreement to be executed on or before the settlement date, and constitute a separate series of
debt securities under the fiscal agency agreement. The fiscal agency agreement will contain 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
662/3% 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 The Depository
Trust Company ("DTC"), Clearstream Banking, S.A. ("Clearstream, Luxembourg"), and Euroclear Bank, S.A./N.V.
("Euroclear" or the "Euroclear System" ), on or about February 1, 2018.
Per Bond
Total
Price to investors . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
100%
US$2,000,000,000
Underwriting discounts and commissions . . . . . . . . . . . .
0.05%
US$
1,000,000
Proceeds, before expenses, to the Republic . . . . . . . . . . .
99.95%
US$1,999,000,000
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
Citigroup
Standard Chartered Bank
Joint Lead Managers and Joint Bookrunners
Credit Suisse
Deutsche Bank
Morgan
UBS
Securities
Stanley
The date of this prospectus supplement is January 18, 2018.

[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-14
GLOBAL CLEARANCE AND SETTLEMENT . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-21
TAXATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-24
UNDERWRITING . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-27
LEGAL MATTERS . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-36
GENERAL INFORMATION . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
S-36
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-27.
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.
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.
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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 . . . . . . . . . . . . . . . . . . . . . . . . . . . US$2,000,000,000 3.000% Global Bonds due 2028.
Interest . . . . . . . . . . . . . . . . . . . . . . . . . . The global bonds will bear interest at 3.000% from February 1, 2018,
payable semi-annually in arrears.
Issue Date . . . . . . . . . . . . . . . . . . . . . . . . February 1, 2018.
Interest Payment Dates . . . . . . . . . . . . . February 1 and August 1 of each year, payable to the persons who are
registered holders thereof at the close of business on the preceding
January 27 or July 27, as applicable, whether or not a business day.
The first interest payment will be made on August 1, 2018 in respect
of the period from (and including) February 1, 2018 to (but
excluding) August 1, 2018.
Maturity Date . . . . . . . . . . . . . . . . . . . . February 1, 2028.
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
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
S-5

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 by a
supplement to the fiscal agency agreement to be executed on or
before the settlement date, 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
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
S-6

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 $200,000 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 depositary, its nominee or a
custodian. Beneficial interests in the global securities will be shown
on, and the transfer thereof will be effected only through, records
maintained by the depositary and its direct and indirect 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.
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 to pay the purchase price and accrued interest for the
bonds that it purchases pursuant to its invitation for offers (the
"Invitation for Offers") in respect of certain series of the Republic's
foreign currency-denominated bonds (the "Old Bonds") announced
on January 18, 2018, as well as expenses incurred by the Republic in
that transaction. The Republic may also use any proceeds 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.).
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-7

Conflicts of Interest . . . . . . . . . . . . . . . . As described in the "Use of Proceeds," the Republic intends to use a
portion of the net cash proceeds from the sale of the global bonds to
pay the purchase price and accrued interest for the Old Bonds it
purchases pursuant to the Invitation for Offers. Standard Chartered
Bank and/or its respective affiliates may be a holder of certain of the
Old Bonds as set forth in the Invitation for Offers and may, together
with its respective affiliates, receive 5% or more of the proceeds from
the offering of global bonds. Because of the manner in which the net
proceeds are being used, the offering of global bonds will be
conducted
in
accordance
with
Financial
Industry
Regulatory
Authority ("FINRA") Rule 5121. In accordance with that rule, the
appointment of a "qualified independent underwriter" is not necessary
in connection with the offering of global bonds because the securities
offered hereby are investment-grade rated. Accordingly, the offering
of global bonds is being made in compliance with the requirements of
FINRA Rule 5121. Additionally, client accounts over which Standard
Chartered Bank has investment discretion are not permitted to
purchase the global bonds, either directly or indirectly, without the
specific written approval of the accountholder.
S-8

USE OF PROCEEDS
The Republic intends to use the net cash proceeds from the sale of the global bonds to pay the purchase price and
accrued interest for the bonds that it purchases pursuant to its Invitation for Offers, as well as expenses incurred
by the Republic in that transaction. The Republic may also use any proceeds 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, 2016. 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.
Summary Economic Information of the Republic of the Philippines
As of September 30, 2017, Government debt at end of period as a percentage of GDP at then-current market
prices was 41.7% when calculated using GDP for the 12-month period ended September 30, 2017.
Internal Conflict with Rebel Groups
On January 9, 2018, the Moro Islamic Liberation Front and the Moro National Liberation Front announced
that they had signed an alliance for the purposes of resisting Islamic State inspired militant groups in the Central
Mindanao region.
As of January 9, 2018, fighting over the holidays between pro-Islamic State group Bangsamoro Islamic
Freedom Fighters and Philippines security forces had resulted in the deaths of over 20 people including militants,
security force members, and a Teduray tribal leader. Approximately 5,000 Teduray indigenous people have been
trapped in their villages due to the fighting.
Marawi Siege
As of January 10, 2018, the Government's death toll from the months-long siege had been calculated at 168.
On January 5, 2018, the head of rehabilitation efforts in Marawi City said that the fighting had cost more than
P17 billion in property damage and opportunity lost. The Government is planning to rebuild the city.
Asian Development Bank Aid Package
In January 2018, the ADB signed a $380 million loan agreement with the Philippines meant to improve
links between Mindanao and international trade. The Philippines and ADB also formalized a $300 million loan
agreement for a program aimed at capital market reforms.
Japan International Cooperation Agency Aid Package
In January 2018, JICA committed to provide a loan for the rehabilitation and maintenance of the Metro Rail
Transit Line 3. JICA will conduct a feasibility study in January and February of 2018 to assess the system's
status.
Territorial Dispute over the West Philippine Sea
On January 9, 2018, Defense Secretary Delfin Lorenzana stated that the Philippines will make a diplomatic
protest to China over an artificial island in the West Philippine Sea that appears to have been transformed into an
airbase, despite promises by Beijing not to militarize the islands.
Prices, Employment and Wages
Inflation
In 2017, the consumer price index recorded average inflation of 3.2%, a higher rate of inflation than the
average inflation of 1.8% recorded in 2016. The price indices for food and non-alcoholic beverages posted
average inflation of 3.7% in 2017 compared to average inflation of 2.5% in 2016. The price indices for housing,
water, electricity, gas, and other fuels posted average inflation of 3.2% in 2017 compared to the average deflation
of 0.2% in 2016. The price indices for transport posted an average inflation of 3.3% in 2017 compared to an
average inflation of 0.3% in 2016. These factors were partially offset by education, which experienced a lower
average inflation rate of 2.1% in 2017 compared to 2.6% in 2016.
S-10