Philippines Finance Secretary Carlos Dominguez said the government plans to sell dollar bonds before interest rates rise, and will look for new revenue sources and ways to wind down debt next year.

“We will tap the U.S. bond market before rates skyrocket,” Dominguez said in an interview with Bloomberg Television’s Kathleen Hays on Tuesday. He didn’t provide more details on the debt plan.

The Philippines plans to borrow a record 3 trillion pesos ($62 billion) from domestic and international sources this year, according to budget data presented to Congress in August. Last week, it raised 55 billion yen ($500 million) through a 3-year Samurai bond sale.

Economic growth this year “is going to be lower than what we expected” as virus cases surge, Dominguez said.

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