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Market Watch
Close of
September 12, 2019
Change From
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.

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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.

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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.

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Policy Rates
Change From
Policy Rates Latest Rate
Previous Rate
BSP Overnight Borrowing
(Reverse Repo) Rate
4.500 25.0     0.0
BSP Overnight Lending
(Repo) Rate
5.000 25.0     0.0

* Policy rate changes are expressed in basis point change.

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Sovereign Ratings
Agency Rating Outlook Date
Regional Rating Institutions
R&I BBB stable 2017-12-18
RAM gBBB2(pi) stable 2018-08-29
Non-Regional Rating Institutions
Fitch BBB stable 2019-05-30
S&P BBB+ stable 2019-04-30

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  • Size of LCY Bond Market
  • Size of LCY Bond Market in % of GDP
  • Monthly Bonds Outstanding in USD
  • FCY Bonds Outstanding
  • Breakdown of LCY Bond Market Issuance
  • G3 Currency Bond Issuance
  • Government Securities Maturity Profile - LCY
  • Corporate Securities Maturity Profile - LCY
  • Trading Volume
  • Interest Rate Spread - 2yrs vs 10yrs - LCY Bond
  • Yield Volatility - 10yr LCY Bonds
  • iBoxx ABF Index Family
  • Bid-Ask Spreads (Survey data)
  • Government Bond Market Structural Issues
  • Corporate Bond Market Structural Issues

ASEAN+3 Bond Market Guide

ASEAN+3 Bond Market Guide 2017: Philippines

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.

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* Download previous issues PDF
2019 Jun Mar
2018 Nov Sep Jun Mar
2017 Nov Sep Jun Mar
2016 Nov Sep Jun Mar
2015 Nov Sep Jun Mar
2014 Nov Sep Jun Mar
2013 Nov Sep Jun Mar
2012 Nov Sep Apr
2011 Nov Sep Mar
2010 Nov Oct Jul Mar
2009 Nov Sep

Market Summary

Yield Movements

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.

Size and Composition

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.

Policy, Institutional and Regulatory Developments

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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