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Republic of the Philippines Strengthening Resilience, Fostering Inclusive Growth

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Republic of the Philippines Strengthening Resilience, Fostering Inclusive Growth Republic of the Philippines Strengthening Resilience, Fostering Inclusive Growth Disclaimer: If you are not the intended recipient, any unauthorized disclosure, copying, dissemination or use of any of the information is strictly prohibited. This presentation contains data sourced from various Philippine government, multilateral/bilateral and private sector websites/reports as of 24 April 2019. These sources have been cited where possible. 11 92 Disclaimer 153 This presentation has been prepared by the Republic of Philippines (the “Republic”). This presentation is being presented solely for your information and is subject to change without notice. Any decision to participate in the bond offering should be made solely on the 205 63 basis of the prospectus supplement and the accompanying prospectus. By accessing this presentation, you are agreeing to be bound 72 by the restrictions set out below. Any failure to comply with these restrictions may constitute a violation of applicable securities laws. This presentation contains forward-looking statements that involve risks and uncertainties. All statements other than statements of 82 historical facts are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors that 84 may cause the actual results, performance or achievements of the Republic to be materially different from those expressed or implied 86 by the forward-looking statements. The Republic has filed a registration statement (including the prospectus) and a prospectus supplement with the U.S. Securities and 206 Exchange Commission (the “SEC”) for the offering to which this presentation relates (the “offering”). Before you invest, you should read 201 the latest prospectus in that registration statement (file no. 333-208780), the prospectus supplement and other documents that the 3 Republic has filed with the SEC for more complete information about the Republic and the offering. You may get these documents for free by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the Republic, any underwriter or any dealer participating in 15 the offering will arrange to send you the prospectus if you request it by calling, Deutsche Bank toll-free at 1-800-503-4611. 157 88 A prospectus of the Republic, dated January 2, 2018, is available from the U.S. Securities and Exchange Commission’s website at https://www.sec.gov/Archives/edgar/data/1030717/000119312518000431/0001193125-18-000431-index.htm This presentation may not be reproduced, disseminated or quoted without the prior written consent of the Republic. Relaying copies of 255 153 this presentation to other persons in your company or elsewhere is prohibited. 102 2 11 92 Transaction Summary 153 205 Summary Terms for the New Issue 63 72 Issuer Republic of the Philippines (the "Republic") 82 Expected Issuer Ratings Moody’s: Baa2 Stable / S&P: BBB Positive / Fitch: BBB Stable 84 86 Issue Ratings Moody’s: Baa2 / S&P: BBB / Fitch: BBB 206 Status Fixed Rate, Senior Unsecured 201 3 Format U.S. SEC-Registered 15 Tenor [8 Years] 157 88 Size EUR Benchmark The Republic intends to use the net cash proceeds from the sale of the global bonds for general purposes of the 255 Use of Proceeds 153 Republic, including budgetary support. 102 Other Terms EUR $100k x US$1k / New York Law / Luxembourg Stock Exchange / Euro MTF Joint Global Coordinators Deutsche Bank (B&D) and UBS Joint Bookrunners and Lead BNP Paribas, Credit Suisse, Deutsche Bank, Standard Chartered Bank and UBS Managers 3 11 92 Table of Contents 153 205 63 72 I. Strengthened Credit Profile 5 II. Favorable Macroeconomic Trends 8 82 84 86 III. Demonstrated External Resiliency 14 IV. Sound and Stable Financial System 17 206 201 V. Sound and Strengthened Government Finances 19 3 VI. Accelerated Infrastructure Development 26 15 157 VII. Firm Institutional Foundations Through Structural Reforms 29 88 VIII. Socioeconomic Agenda of the Duterte Administration 33 255 IX. The President and the Economic Team 35 153 102 4 33 219 254 246 250 244 54 31 195 139 192 186 111 31 37 50 144 186 Strengthened Credit Profile Duterte Administration: Reform-Minded Leadership Focused on Delivering 11 92 Results 153 Transformative policies anchored on domestic-led growth and continuing structural reforms One of the fastest growing economies in the Asia Pacific region 205 • Rapid and more broad-based economic growth 63 o GDP growth of 6.2% in 2018 led by investments, which contributed 4.0 ppt to growth o 20 years of uninterrupted economic expansion 72 Continued sound macroeconomic Moderate inflation pressures in 2018 Resilient external payments position amid global uncertainties management yields Structural current account flows from steady remittances (3.2% yoy in 2018 and 4.4% yoy in Jan 2019), and rising revenues from IT-BPO (2.9% yoy in 2018) and strong results tourism sectors (4.2% yoy in 2018) 82 Sound banking system 84 Business optimism in the Philippines highest in Southeast Asia and 6th among 35 economies covered according to Grant Thornton’s International Business Report H2 86 2018 Economic Update Increasing net FDIs on account of improved investment environment. Firm commitment to fiscal sustainability Fiscal initiatives • Passed the Tax Reform for Acceleration and Inclusion (Package 1A) 206 • Passed the “Tax Amnesty Act” (RA No. 11213), an act enhancing revenue administration and collection by granting an amnesty on all unpaid internal revenue taxes 201 strengthen public imposed by the national government for taxable year 2017 and prior years with respect to estate tax, other internal revenue taxes and tax on delinquencies (Package 3 finances and 1B) (signed into law on 14 February 2019) provide growth • Passed the Social Security Act of 2018 (signed into law on 7 February 2019) Long history of prudent fiscal management impetus Streamlined budgeting and disbursement processes • Simplified Implementing Rules and Regulations (IRRs) of the Government Procurement Reform Act 15 Aims to stop underspending on infrastructure through budget allocations 157 88 Invest heavily in infrastructure through “Build Build Build” program The Public Investment Program (PIP) 2017-2022 contains the list of priority programs and projects to accelerate infrastructure development Massive • Target USD160bn infrastructure spending for 2017-2022 increases public investments on infrastructure to about 7.0% of GDP by 2022 infrastructure Huge increases in the 2019 proposed budget of two major infrastructure agencies: Department of Public Works and Highways (25.8% growth) and Department of 255 development Transportation (89.3% growth)1/ 153 Robust growth of disbursements on infrastructure and other capital outlays at 41.3% in FY2018 102 Pursue further structural reforms, e.g., tax reform packages: Package 1C on adjustments in the Motor Users Vehicle Charge; Package 2 on corporate taxation and fiscal incentives; Package 2+ on mining, coal and a revisit of alcohol and tobacco taxes; Package 3 on property taxation; Package 4 on financial and capital income taxation; and strengthen the country’s gross international reserves (GIR) by making the sale of gold from small-scale miners to the Central Bank of the Philippines, Bangko Sentral ng Pilipinas (BSP) exempt from income and excise taxes Passed the Universal Health Care Act (signed into law on 20 February 2019) Passed the Amendments to the BSP (central bank of the Philippines) Charter (signed into law on 14 February 2019) Sustained reform Passed the Rice Tariffication Law (signed into law on 14 February 2019) momentum Passed the Bangsamoro Organic Law Passed the National ID System Launched the Capital Markets Development Roadmap Further liberalization of FX regime Improving the business environment through streamlined processes and opening more areas for foreign investments • Passed the Ease of Doing Business and Efficient Government Service Delivery Act • Issued the 11th Regular Foreign Investment Negative List (RFINL) 6 Passed the National Payment Systems Act ; BSP as overseer of the payments system 1/ Growth is based on cash-based equivalent of 2018 monthly disbursement program vs. 2019 cash-based proposed budget; Source: Department of Budget and Management (DBM) Technical notes on the 2019 proposed national budget 11 92 Sustained Strengthening of Philippines Credit Profile 153 Metric 2013 2014 2015 2016 2017 2018 205 Credit Ratings 63 • Moody’s Baa3/positive Baa2/stable Baa2/stable Baa2/stable Baa2/stable Baa2/stable 72 • S&P BBB-/stable BBB/stable BBB/stable BBB/stable BBB/stable BBB/positive • Fitch BBB-/stable BBB-/stable BBB-/positive BBB-/positive BBB/stable BBB/stable Real GDP Growth Rate (%) 7.1 6.1 6.1 6.9 6.7 6.2 82 GDP Per Capita* (USD) 2,768 2,849 2,883 2,953 2,989 3,104 84 86 GNI Per Capita * (USD) 3,364 3,453 3,487 3,555 3,594 3,720 5.2 Inflation Rate (2012 = 100) (%) 2.6 3.6 0.7 1.3 3.2 3.8 (Jan-Mar 2019) 206 National Government Interest Payments 12.3 201 18.8 16.8 14.7 13.9 12.6 3 (as % of Revenues) 15.5 (Jan-Feb 2019) Fiscal Balance (as % of GDP) -1.4 -0.6 -0.9 -2.4 -2.2 -3.2 15 Tax Revenue (as % of GDP) 13.3 13.6 13.6 13.7 14.2 14.7 157 88 General Government Debt (as % of GDP) 39.3 36.4 36.2 34.6 36.6 36.3 (end-Sep) 79.2 Gross International Reserves (USD bn) 83.2 79.5 80.7 80.7 81.6 83.6 (end-Mar 2019) 255 153 7.0 102 ‒ Import Cover (months) 11.6 9.9 9.9 8.8 7.7 7.4 (end-Mar 2019) 28.9 Overseas Filipinos’ Cash Remittances (USD bn) 23.0 24.6 25.6 26.9 28.1 4.8 (end-Feb 2019) 9.8 Foreign Direct Investments (USD bn)
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