Philippine bond yields are down in a brisk session on Wednesday on expectations the government stayed within its 110 billion peso ($3.41 billion) budget deficit goal for the first quarter, traders say.

"The government did most of the pump-priming measures in the first two months, so there is a likelihood that spending eased in March," says a trader from a local bank.

The government, which posted a 67 billion deficit in January and February, will announce the first-quarter budget data later in the day.

Total trade was at 15.7 billion pesos by late morning, versus 14.8 billion pesos at the same point on Tuesday. Most deals were five-year debt , pushing the yield down 2 bps to 6.13%, traders say.