MANILA, Philippines — The government plans to maximize the growing market for sustainable bonds in raising new financing for its programs.

Finance Secretary Carlos Dominguez said yesterday the government aims to capitalize on green bonds to generate more funds for social services and public infrastructure.

Dominguez trumpeted the Philippines’ successful maiden issuances of environmental, social and governance (ESG) bonds overseas. Last month, the country raised $2.25 billion from the sale of five-year and 10.5-year global bonds and 25-year green bonds.

Last Tuesday the Philippines tapped the samurai bond market, raising P29 billion from the offering of five, seven, 10 and 20-year green bonds.

National Treasurer Rosalia de Leon said regional banks and insurance giants supported the Philippines’ return to the samurai bond market.

SMBC Nikko Securities Inc. and Mitsubishi UFJ Morgan Stanley Securities Co. Ltd. served as lead managers of the transaction.

Dominguez said the government remains on the lookout for low-cost financing opportunities to sustain programs and projects.

“However, our financing strategy will remain opportunistic to tap cost-efficient structures to meet the requirements of priority endeavors, particularly climate-related projects,” he said.