MANILA - The Philippines' National Development Corp. sold P3.5 billion ($75 million) worth of 5-year bonds at a coupon of 5.125% at an auction on Wednesday, the Bureau of Treasury said.

Total offers from banks reached P7.35 billion, the treasury said.

The state-run firm will use proceeds from the issue to rehabilitate irrigation facilities destroyed by strong typhoons that hit the country in September and October.

The average best bid for five-year government bonds was at 6.3423% in the secondary market on Wednesday afternoon against the previous day's 6.3519%.