The Philippines sold tokenized government bonds for the first time on Monday, which may be a prelude to the wider use of digital ledger technology in the country's government debt market.
According to a statement, the Ministry of Finance sold 15 billion pesos ($270 million) of debt due in November 2024. These bonds were issued to institutional investors with an annual interest rate of 6.5%. The total bid amount was 31.426 billion pesos, more than three times the initial bid size of 10 billion pesos.