MANILA, Philippines - The Bureau of the Treasury will issue up to $500 million worth of 10.5-year fixed rate onshore dollar bonds as part of efforts to reduce share of foreign-denominated debts to total government borrowings.

Newly appointed National Treasurer Rosalia de Leon said the bonds will be auctioned on November 28, and will be offered to individual investors, foreign currency deposit units of banks, corporates, tax-exempt institutions, trust units of banks, government-owned and controlled corporations and local government units.

The Treasury will launch the transaction in an investors briefing on Monday, November 12.

On November 9, the Philippines successfully sold $750 million worth of 10-year global peso notes at a coupon rate of 3.9%.

The two transactions are meant to raise a total of $1.250 billion, which the government needs to plug its budget deficit expected to reach about P279 billion or about 2.6% of the economy's output this 2012.