The launch of the P5 billion Note Issuance Programme in March 2008 was accompanied by a prospectus (the Note Programme Memorandum) that included both a overall description of the programme as well as detailed terms of conditions for transacting in notes issued under the programme. Thereafter, supplementary releases (Pricing Supplement) were issued to accompany the auctions, of both existing and new notes, that were undertaken twice-yearly in March and September.
The upper limit of the programme was reached in September 2010 and, in February 2011, Parliament appoved the raising of the limit from P5 billion to P15 billlion. This is both in order to help finance the budget deficit in 2011/12 as well as maintaining government presence in the domestic capital markets.
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