The Government is the largest issuer of debt. The Government may also assume or guarantee all or part of domestic debt issued by government-owned institutions. For example, the Home Development Mutual Fund, also known as Pag-IBIG, issues bonds to finance its housing loan program.  

Leading Philippine corporates and financial institutions dominate the private debt market. They are by far the largest issuers of commercial papers and subordinated bonds.

The Asian Development Bank’s (ADB) programs finances development projects and programs within developing member countries with the aim of reducing poverty in the Asia and Pacific region. ADB undertakes most of its borrowing through its Global Medium Term Note Program, which was established in 2001.

ADB was also the first supranational issuer in Philippine domestic capital markets.

The link below provides a list of recent local currency (LCY) borrowings made by ADB.