September 12, 2019
|Govt. Bond Yields||Latest Yield||Previous Day||Previous Week||YTD|
|2 Year||4.027||▲ 4.6||▲ 11.3||▼ 285.8|
|5 Year||4.443||▲ 0.6||▲ 21.5||▼ 259.4|
|10 Year||4.843||▼ 7.2||▲ 31.7||▼ 222.2|
* Government bond yield changes are expressed in basis points.
|Currencies||Latest Rate||Previous Day||Previous Week||YTD|
|PHP per USD||51.909||▲ 0.4||▲ 0.1||▲ 1.2|
|PHP per JPY||0.480||▲ 0.7||▲ 1.1||▼ 0.2|
* Exchange rate changes are expressed as a percentage change.
|Interest Rates||Latest Rate||Previous Day||Previous Week||YTD|
|ON PHIREF||3.555||▼ 2.8||▼ 26.9||▼ 659.7|
|3M PHIREF||3.968||▲ 1.9||▲ 5.8||▼ 191.2|
* Interest rate changes are expressed in basis point change.
|Policy Rates||Latest Rate
|BSP Overnight Borrowing
(Reverse Repo) Rate
|BSP Overnight Lending
* Policy rate changes are expressed in basis point change.
|Regional Rating Institutions|
|Non-Regional Rating Institutions|
ASEAN+3 Bond Market Guide is a comprehensive explanation of the regionís bond markets. It provides
information such as the history, legal and regulatory framework, specific characteristics of the market,
trading and transaction (including settlement systems), and other relevant information. The Bond
Market Guide 2017 for the Philippines is an outcome of the support and contributions of ASEAN+3
Bond Market Forum members and experts, particularly from the Philippines.
|* Download previous issues PDF|
Between 1 March and 8 May, the yields of Philippine local currency (LCY) bonds for tenors less than 6 months increased, while maturities of 1 year to 25 years declined. The overall decline in interest rates may be attributed to the policy rate cut decision by the Bangko Sentral ng Pilipinas, and the upgrade in Standard & Poor's credit rating for the Philippines.
The Philippines' LCY bond market expanded 8.0% quarter-on-quarter (q-o-q) in the first quarter of 2019. Total LCY bonds amounted to PHP6,588 billion (USD125 billion) at the end of March, up from PHP6,098 billion at the end of the fourth quarter of 2018. The increase was supported by growth in both the government and corporate bond markets. The amount of LCY government bonds outstanding stood at PHP5,203 billion at the end of March on growth of 8.8% q-o-q, supported by Treasury bills, while LCY corporate bonds grew 5.4% q-o-q during the first quarter of 2019, with total corporate bonds outstanding increasing to PHP1,385 billion from PHP1,315 billion in the previous quarter.
In May, the Bangko Sentral ng Pilipinas announced that it will cut the reserve requirement ratio of universal and commercial banks from 18% to 16% in three phases: 100 basis points (bps) will be cut on 31 May, 50 bps on 28 June, and 50 bps on 26 July. The decision was made amid the Philippines' low inflation environment and lower-than expected economic growth.
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