October 12, 2018
|Govt. Bond Yields||Latest Yield||Previous Day||Previous Week||YTD|
|2 Year||7.456||▲ 68.4||▲ 106.5||▲ 346.9|
|5 Year||8.198||▼ 10.7||▲ 109.6||▲ 345.4|
|10 Year||8.059||▲ 6.6||▲ 25.6||▲ 236.1|
* Government bond yield changes are expressed in basis points.
|Currencies||Latest Rate||Previous Day||Previous Week||YTD|
|PHP per USD||54.075||▲ 0.2||▲ 0.3||▼ 8.5|
|PHP per JPY||0.482||▲ 0.2||▼ 1.0||▼ 8.9|
* Exchange rate changes are expressed as a percentage change.
|Interest Rates||Latest Rate||Previous Day||Previous Week||YTD|
|ON PHIREF||4.381||▲ 1.5||▼ 37.0||▲ 180.3|
|3M PHIREF||5.083||▼ 0.1||▼ 44.4||▲ 182.2|
* Interest rate changes are expressed in basis point change.
|Policy Rates||Latest Rate
|BSP Overnight Borrowing
(Reverse Repo) Rate
|4.500||▲ 50.0||▲ 150.0|
|BSP Overnight Lending
|5.000||▲ 50.0||▲ 150.0|
* 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 region’s 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 June and 15 August, the yields of Philippine local currency (LCY) bonds of all tenors increased except for the 3-month tenor, which decreased 58 basis points. Uncertainties weighed heavily on investor decisions, resulting in a preference for short-dated Treasury bills as investors chose caution while awaiting the outcomes of domestic and international events. The higher yields also point to the risks that investors see in the long-term. Domestically, buyers were mindful of the Philippines’ high inflation and slowing economic growth, coupled with negative sentiments in the foreign exchange market. Investors are also anticipating additional rate hikes by the Bangko Sentral ng Pilipinas (BSP). Internationally, rising oil prices and the trade war between the People’s Republic of China and the United States affected investor sentiments.
Growth in the Philippines’ LCY bond market eased to 2.6% quarter-on-quarter (q-o-q) in Q2 2018 from 4.6% q-o-q in Q2 2017. Total LCY bonds amounted to PHP5,741 billion (USD108 billion) at the end of Q2 2018, up from PHP5,593 billion at the end of Q1 2018. The increase was supported by growth in both government and corporate bonds, with the former comprising 80% of total outstanding bonds.
On 18 May, the BSP announced that the conversion of foreign currency loans to pesos and the transfer of such loans to regular banking unit books no longer requires prior central bank approval, provided that the concerned bank understands the risks inherent in such actions.
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