The threat led to the failure of the bond sale.
It is the first international bond sale by the Philippines.
The bond sale is expected to take place before the end of May.
But without a plan for a rate increase, the bond sale has been on hold.
The authority raised more than $1 billion this month through a bond sale.
The Legislature has to vote on the final budget and the bond sale.
Instead, he said the state would pay off the debt service on the bond sale over the next 35 years.
This will be the first bond sale by the city in any foreign currency.
The share price is down 93 percent since the 1997 bond sale.
He got his information on the bond sale, including the expected yield, from the same Web site.
