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MANILA, Aug 23 (Reuters) - The Philippines' Bureau of the Treasury (BTr) said it raised an initial 162.72 billion pesos ($2.90 billion) in an auction on Tuesday of 2028 retail treasury bonds targeted at individual investors, with the coupon rate fixed at 5.75%.

Holders of previously issued fixed-rate treasury notes maturing this year and in 2023 can also swap their holdings for the peso-denominated retail bonds, the BTr said in a notice. ($1 = 56.2000 Philippine pesos) (Reporting by Karen Lema)