Filed Pursuant to Rule 433
Registration Statement No. 333-171038
March 21, 2011
Republic of the Philippines
US$1,500,000,000 5.50% Global Bonds due 2026
Final Term Sheet
| Issuer | Republic of the Philippines | |
| Issue currency | US$ | |
| Amount issued | US$1,500,000,000 | |
| Security type | Senior Unsecured Bonds | |
| Coupon | 5.50% | |
| Interest Payment dates | March 30 and September 30 | |
| Maturity date | March 30, 2026 | |
| CUSIP | 718286 BN6 | |
| Public Offering Price | 99.495% | |
| Proceeds before expenses | US$1,491,675,000 | |
| Settlement date | March 30, 2011 | |
| Reference benchmark | 3.625% UST due February 15, 2021 | |
| Benchmark yield | 3.312% | |
| Re-offer spread over benchmark | 223.8 bps | |
| Re-offer yield | 5.55% | |
| Denominations | US$200k/1k | |
| Day count | 30/360 | |
| Joint Global Coordinators | Goldman Sachs (Asia) L.L.C. and The Hongkong and Shanghai Banking Corporation Limited | |
| Joint Lead Managers and Joint Bookrunners | Citigroup Global Markets Inc., Deutsche Bank Securities Inc., Goldman Sachs (Asia) L.L.C., The Hongkong and Shanghai Banking Corporation Limited, J.P. Morgan Securities LLC and UBS AG, Hong Kong Branch |
The issuer has filed a registration statement (including a prospectus) with the Securities and Exchange Commission for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the Securities and Exchange Commission for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the Web site of the Securities and Exchange Commission atwww.sec.gov. Alternatively, an underwriter or dealer participating in the offering will arrange to send you the prospectus if you request it by calling Citi toll-free at 1-877-858-5407 or Deutsche Bank toll-free at 1-800-5030-4611 or Goldman toll-free at 1-866-471-2526 or HSBC toll-free at 1-866-811-8049 or J.P. Morgan toll-free at 1-866-846-2874 or UBS AG toll-free at 1-877-827-6444 ext 561-3884.
The prospectus can be accessed through the following link:http://www.sec.gov/Archives/edgar/data/1030717/000119312511071778/d424b3.htm
