The Central Bank of the Philippines said that the country is scheduled to issue its inaugural 1.46 billion yuan ($230 million) worth of panda bonds starting on Tuesday, the Xinhua News Agency reported Monday.

The Philippines' maiden issue of panda bonds affirms the country's improving relations with China and the increasing relevance of the yuan, according to the Central Bank of the Philippines.

With a term of three years and coupon rate of 5.0 percent, the yuan-denominated bond issue attracted orders of as much as 9.22 billion yuan, or more than six times the offer, Reuters reported.