The Philippines raised USD 5.14 bln in local-currency bonds marketed to retail investors, cutting short the offer period amid stubbornly high inflation and prospects of more interest rate hikes. The funds raised equal to about 17% of the government’s planned gross domestic borrowings for this year. Retail investors in Asia are drawn to sovereign notes, typically offered in smaller denominations. For the past two decades, the Philippines tapped retail investors to raise a chunk of its financing needs.