Republic Of The Philippines 18-K Annual report (foreign governments)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 18-K

For Foreign Governments and Political Subdivisions Thereof

ANNUAL REPORT

of

REPUBLIC OF THE PHILIPPINES

(Name of Registrant)

Date of end of last fiscal year: December 31, 2021

SECURITIES REGISTERED*

(As of the close of the fiscal year)

Titles of Issue	Amount as to Which Registration is Effective	Names of Exchange on Which Registered
N/A	N/A	N/A

Name and address of person authorized to receive notices

and communications from the Securities and Exchange Commission:

Elmer G. Cato

Consul General

Philippine Consulate General

556 Fifth Avenue

New York, New York 10036-5095

It is requested that copies of notices and communications from the

Securities and Exchange Commission be sent to:

Amit Singh, Esq.

Linklaters Singapore Pte. Ltd.

One George Street #17-01

Singapore 049145

* The Registrant is filing this annual report on a voluntary basis.

The information set forth below is to be furnished:

1. In respect of each issue of securities of the registrant registered, a brief statement as to:

(a) The general effect of any material modifications, not previously reported, of the rights of the holders of such securities.

There have been no such modifications.

(b) The title and the material provisions of any law, decree or administrative action, not previously reported, by reason of which the security is not being serviced in accordance with the terms thereof.

There has been no such law, decree or administrative action.

(c) The circumstances of any other failure, not previously reported, to pay principal, interest, or any sinking fund or amortization installment.

There has been no such failure.

2. A statement as of the close of the last fiscal year of the registrant giving the total outstanding of:

(a) Internal funded debt of the registrant. (Total to be stated in the currency of the registrant. If any internal funded debt is payable in foreign currency it should not be included under this paragraph (a), but under paragraph (b) of this item.)

See “Direct Domestic Debt of the Republic-Outstanding Direct Domestic Debt of the Republic as of December 31, 2021”, page D-111 of Exhibit 99.D, which is hereby incorporated by reference herein.

(b) External funded debt of the registrant. (Totals to be stated in the respective currencies in which payable. No statement need be furnished as to intergovernmental debt.)

See “Direct External Debt of the Republic-Summary of Outstanding Direct External Debt of the Republic by Currency as of December 31, 2021,” page D-113 of Exhibit 99.D, which is hereby incorporated by reference herein.

3. A statement giving the title, date of issue, date of maturity, interest rate and amount outstanding, together with the currency or currencies in which payable, of each issue of funded debt of the registrant outstanding as of the close of the last fiscal year of the registrant.

See “Debt Tables of the Republic of the Philippines,” pages D-119 to D-185 of Exhibit 99.D, which is hereby incorporated by reference herein.

4.

(a) As to each issue of securities of the registrant which is registered, there should be furnished a break-down of the total amount outstanding, as shown in Item 3, into the following:

(1) Total amount held by or for the account of the registrant.

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Series	Date of Maturity		Interest Rate (%)			Total Amount Held by or for the Account of the Registrant
$1.5B 4.20% GB due 2024		January 21, 2024		4.2	%	$	4,000,000.00
$774.0M 7.50% GB due 2024		September 25, 2024		7.5	%	$	408,248,000.00
$1.006B 9.5% GB due 2024		October 21, 2024		9.5	%	$	17,459,000.00
$2.0B 10.625% GB due 2025		March 16, 2025		10.625	%	$	89,997,000.00
$1.5B 5.50% GB due 2026		March 30, 2026		5.5	%	$	39,291,000.00
$500.0M 3.229% GB due 2027		March 29, 2027		3.229	%	$	13,130,000.00
$2.0B 3% GB due 2028		February 1, 2028		3	%	$	25,630,000.00
$1.5B 3.75% GB due 2029		January 14, 2029		3.75	%	$	39,947,000.00
$2.0B 9.5% GB due 2030		February 2, 2030		9.5	%	$	87,874,000.00
$1.0B 2.457% GB due 2030		May 5, 2030		2.457	%	$	44,000,000.00
$2.384B 7.75% GB due 2031		January 14, 2031		7.75	%	$	75,633,000.00
$1.25B 1.648% GB due 2031		June 10, 2031		1.648	%	$	90,500,000.00
$750.0M 1.950% GB due 2032		January 6, 2032		1.950	%	$	22,000,000.00
$1.5B 6.375% GB due 2032		January 15, 2032		6.375	%	$	105,719,000.00
$750.0M 3.556% GB due 2032		September 29, 2032		3.556	%	$	12,000,000.00
$2.847B 6.375% GB due 2034		October 23, 2034		6.375	%	$	61,800,000.00
$1.5B 5% GB due 2037		January 13, 2037		5	%	$	13,600,000.00
$2.0B 3.95% GB due 2040		January 20, 2040		3.95	%	$	60,500,000.00
$2.0B 3.700% GB due 2041		March 1, 2041		3.7	%	$	67,615,000.00
$2.0B 3.700% GB due 2042		February 2, 2042		3.7	%	$	69,000,000.00
$1.35B 2.95% GB due 2045		May 5, 2045		2.95	%	$	52,450,000.00
$1.5B 2.650% GB due 2045		December 10, 2045		2.650	%	$	52,400,000.00
$2.25B 3.200% GB due 2046		July 6, 2046		3.200	%	$	21,250,000.00
$1.0B 4.200% GB due 2047		March 29, 2047		4.200	%	$	7,000,000.00

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(2) Total estimated amount held by nationals of the registrant (or if registrant is other than a national government by the nationals of its national government); this estimate need be furnished only if it is practicable to do so.

Not practicable to furnish.

(3) Total amount otherwise outstanding.

Series	Date of Maturity		Interest Rate (%)		Total Amount Otherwise Outstanding
₱30.80B 3.90% GB due 2022		November 26, 2022		3.900	₱	30,800,000,000.00
€600.0M 0% GB due 2023		March 2, 2023		0	€	600,000,000.00
$1.5B 4.20% GB due 2024		January 21, 2024		4.200	$	1,500,000,000.00
$774.0M 7.50% GB due 2024		September 25, 2024		7.500	$	577,589,000.00
$1.006B 9.5% GB due 2024		October 21, 2024		9.500	$	347,796,000.00
$2.0B 10.625% GB due 2025		March 16, 2025		10.625	$	1,480,193,000.00
€650.0M 0.250% GB due 2025		April 28, 2025		0.250	€	650,000,000.00
$1.5B 5.50% GB due 2026		March 30, 2026		5.500	$	1,032,178,000.00
€750.0M 0.875% GB due 2027		May 17, 2027		0.875	€	750,000,000.00
$500.0M 3.229% GB due 2027		March 29, 2027		3.229	$	500,000,000.00
$2.0B 3% GB due 2028		February 1, 2028		3.000	$	2,000,000,000.00
$1.5B 3.75% GB due 2029		January 14, 2029		3.750	$	1,500,000,000.00
€0.6B 0% GB due 2029		February 3, 2029		0.7	€	600,000,000.00
$2.0B 9.5% GB due 2030		February 2, 2030		9.500	$	2,000,000,000.00
$1.0B 2.457% GB due 2030		May 5, 2030		2.457	$	1,000,000,000.00
$2.384B 7.75% GB due 2031		January 14, 2031		7.750	$	1,744,446,000.00
$1.25B 1.648% GB due 2031		June 10, 2031		1.648	$	1,250,000,000.00
$750.0M 1.950% GB due 2032		January 6, 2032		1.950	$	750,000,000.00
$1.5B 6.375% GB due 2032		January 15, 2032		6.375	$	1,022,248,000.00
$750.0M 3.556% GB due 2032		September 29, 2032		3.556	$	750,000,000.00
€650.0M 1.200% GB due 2033		April 28, 2033		1.200	€	650,000,000.00
$2.847B 6.375% GB due 2034		October 23, 2034		6.375	$	1,900,131,000.00
₱54.77B 6.250% GB due 2036		January 14, 2036		6.250	₱	54,770,000,000.00
$1.5B 5% GB due 2037		January 13, 2037		5.000	$	1,330,799,000.00
$2.0B 3.95% GB due 2040		January 20, 2040		3.950	$	2,000,000,000.00
$2.0B 3.700% GB due 2041		March 1, 2041		3.700	$	2,000,000,000.00
€800.0M 1.750% GB due 2041		April 28, 2041		1.750	€	800,000,000.00
$2.0B 3.700% GB due 2042		February 2, 2042		3.700	$	2,000,000,000.00
$1.35B 2.95% GB due 2045		May 5, 2045		2.95	$	1,350,000,000.00
$1.5B 2.650% GB due 2045		December 10, 2045		2.650	$	1,500,000,000.00
$2.25B 3.200% GB due 2046		July 6, 2046		3.200	$	2,250,000,000.00
$1.0B 4.200% GB due 2047		March 29, 2047		4.200	$	1,000,000,000.00

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(b) If a substantial amount is set forth in answer to paragraph (a)(1) above, describe briefly the method employed by the registrant to reacquire such securities.

From Acquisitions from Primary and Secondary Market Transactions:

Series	Date of Maturity		Interest Rate (%)		Total Amount Held by or for the Account of the Registrant
$1.5B 4.20% GB due 2024		January 21, 2024		4.2	$	4,000,000.00
$2.0B 10.625% GB due 2025		March 16, 2025		10.625	$	10,000,000.00
$1.5B 5.50% GB due 2026		March 30, 2026		5.5	$	39,291,000.00
$500.0M 3.229% GB due 2027		March 29, 2027		3.229	$	13,130,000.00
$2.0B 3% GB due 2028		February 1, 2028		3	$	25,630,000.00
$1.5B 3.75% GB due 2029		January 14, 2029		3.75	$	39,947,000.00
$2.0B 9.5% GB due 2030		February 2, 2030		9.5	$	14,000,000.00
$1.0B 2.457% GB due 2030		May 5, 2030		2.457	$	44,000,000.00
$2.384B 7.75% GB due 2031		January 14, 2031		7.75	$	34,697,000.00
$1.25B 1.648% GB due 2031		June 10, 2031		1.648	$	90,500,000.00
$1.5B 6.375% GB due 2032		January 15, 2032		6.375	$	25,500,000.00
$750.0M 1.950% GB due 2032		January 6, 2032		1.950	$	22,000,000.00
$750.0M 3.556% GB due 2032		September 29, 2032		3.556	$	12,000,000.00
$2.847B 6.375% GB due 2034		October 23, 2034		6.375	$	61,800,000.00
$1.5B 5% GB due 2037		January 13, 2037		5	$	12,600,000.00
$2.0B 3.95% GB due 2040		January 20, 2040		3.95	$	59,500,000.00
$2.0B 3.700% GB due 2041		March 1, 2041		3.7	$	67,615,000.00
$2.0B 3.700% GB due 2042		February 2, 2042		3.7	$	69,000,000.00
$1.35B 2.457% GB due 2045		May 5, 2045		2.95	$	52,450,000.00
$1.5B 2.650% GB due 2045		December 10, 2045		2.650	$	52,400,000.00
$2.25B 3.200% GB due 2046		July 6, 2046		3.200	$	21,250,000.00
$1.0B 4.200% GB due 2047		March 29, 2047		4.200	$	7,000,000.00

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From Liability Management Transactions:

Series	Date of Maturity		Interest Rate (%)		Total Amount Held by or for the Account of the Registrant
$774.0M 7.50% GB due 2024		September 25, 2024		7.5	$	408,248,000.00
$1.006B 9.5% GB due 2024		October 21, 2024		9.5	$	17,459,000.00
$2.0B 10.625% GB due 2025		March 16, 2025		10.625	$	79,997,000.00
$2.0B 9.5% GB due 2030		February 2, 2030		9.5	$	73,874,000.00
$2.384B 7.75% GB due 2031		January 14, 2031		7.75	$	40,936,000.00
$1.5B 6.375% GB due 2032		January 15, 2032		6.375	$	80,219,000.00

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5. A statement as of the close of the last fiscal year of the registrant giving the estimated total of`:

(a) Internal floating indebtedness of the registrant. (Total to be stated in the currency of the registrant.)

See “Debt Tables of the Republic of the Philippines” pages D-119 to D-185 of Exhibit 99.D, which is hereby incorporated by reference herein.

(b) External floating indebtedness of the registrant. (Total to be stated in the respective currencies in which payable.)

See “Debt Tables of the Republic of the Philippines” pages D-119 to D-185 of Exhibit 99.D, which is hereby incorporated by reference herein.

6. Statements of the receipts, classified by source, and of the expenditures, classified by purpose, of the registrant for each fiscal year of the registrant ended since the close of the latest fiscal year for which such information was previously reported. These statements should be so itemized as to be reasonably informative and should cover both ordinary and extraordinary receipts and expenditures; there should be indicated separately, if practicable, the amount of receipts pledged or otherwise specifically allocated to any issue registered, indicating the issue.

See “Public Finance,” page D-100 of Exhibit 99.D, which is hereby incorporated by reference herein.

7.

(a) If any foreign exchange control, not previously reported, has been established by the registrant (or if the registrant is other than a national government, by its national government), briefly describe the effect of any such action, not previously reported.

Not applicable.

(b) If any foreign exchange control previously reported has been discontinued or materially modified, briefly describe the effect of any such action, not previously reported.

Not applicable.

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8. Brief statements as of a date reasonably close to the date of the filing of this report (indicating such date), in respect of the note issue and gold reserves of the central bank of issue of the registrant, and of any further gold stocks held by the registrant.

See “International Reserves,” page D-81 of Exhibit 99.D, which is hereby incorporated by reference herein.

9. Statements of imports and exports of merchandise for each year ended since the close of the latest year for which such information was previously reported. The statements should be reasonably itemized so far as practicable as to commodities and as to countries. They should be set forth in items of value and of weight or quantity; if statistics have been established in terms of value, such will suffice.

See “Balance of Payments,” page D-54 of Exhibit 99.D, which is hereby incorporated by reference herein.

10. The balances of international payments of the registrant for each year ended since the close of the latest year for which such information was previously reported. The statements of such balances should conform, if possible, to the nomenclature and form used in the “Statistical Handbook of the League of Nations.” (These statements need to be furnished only if the registrant has published balances of international payments.)

See “Balance of Payments,” page D-54 of Exhibit 99.D, which is hereby incorporated by reference herein. This annual report comprises:

(a) Pages numbered 1 to 11 consecutively.

(b) The following exhibits:

Exhibit A - None.

Exhibit B - None.

Exhibit 99.C.1 - Republic Act No. 11639, General Appropriations Act, Fiscal Year 2022, Volume I-A

Exhibit 99.C.2 - Republic Act No. 11639, General Appropriations Act, Fiscal Year 2022, Volume I-B

Exhibit 99.C.3 - Republic Act No. 11639, General Appropriations Act, Fiscal Year 2022, Volume I-C

Exhibit 99.C.4 - Republic Act No. 11639, General Appropriations Act, Fiscal Year 2022, Volume II

Exhibit 99.D - Description of Republic of the Philippines, September 9, 2022

This annual report is filed subject to the Instructions for Form 18-K for Foreign Governments and Political Subdivisions Thereof.

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TABLE OF CONTENTS

EX-99.C.1 REPUBLIC ACT NO.  11639, GENERAL APPROPRIATIONS ACT, FISCAL YEAR 2022, VOLUME I-A

EX-99.C.2 REPUBLIC ACT NO. 11639, GENERAL APPROPRIATIONS ACT, FISCAL YEAR 2022, VOLUME I-B

EX-99.C.3 REPUBLIC ACT NO.  11639, GENERAL APPROPRIATIONS ACT, FISCAL YEAR 2022, VOLUME I-C

EX-99.C.4 REPUBLIC ACT NO.  11639, GENERAL APPROPRIATIONS ACT, FISCAL YEAR 2022, VOLUME II

EX-99.D DESCRIPTION OF REPUBLIC OF THE PHILIPPINES, DATED SEPTEMBER 9, 2022

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the Republic of the Philippines has duly caused this Annual Report to be signed on its behalf by the undersigned, thereunto duly authorized, in the City of Manila, Republic of the Philippines on the 9th day of September, 2022.

REPUBLIC OF THE PHILIPPINES
By	/s/ Rosalia V. De Leon
	Rosalia V. De Leon
	Treasurer of the Philippines
By	/s/ Mark Dennis Y.C. Joven
	Mark Dennis Y.C. Joven
	Undersecretary

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EXHIBIT INDEX

Exhibit	Description
99.C.1:	Republic Act No. 11639, General Appropriations Act, Fiscal Year 2022, Volume I-A
99.C.2:	Republic Act No. 11639, General Appropriations Act, Fiscal Year 2022, Volume I-B
99.C.3:	Republic Act No. 11639, General Appropriations Act, Fiscal Year 2022, Volume I-C
99.C.4:	Republic Act No. 11639, General Appropriations Act, Fiscal Year 2022, Volume II
99.D:	Description of Republic of the Philippines, dated September 9, 2022

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