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Market Watch
Close of
October 12, 2018
Change From
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.

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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.

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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.

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Policy Rates
Change From
Policy Rates Latest Rate
Previous Rate
BSP Overnight Borrowing
(Reverse Repo) Rate
4.500 ▲ 50.0 ▲ 150.0
BSP Overnight Lending
(Repo) Rate
5.000 ▲ 50.0 ▲ 150.0

* 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 gBBB3(pi) positive 2017-09-06
Non-Regional Rating Institutions
Fitch BBB stable 2017-07-17
S&P BBB stable 2017-04-29

More details

  • Size of LCY Bond Market
  • Size of LCY Bond Market in % of GDP
  • Monthly Bonds Outstanding in USD
  • FCY Bonds Outstanding
  • Issuance Volume of LCY Bond Market
  • Breakdown of LCY Government 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 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.

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2018 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 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.

Size and Composition

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.

Policy, Institutional and Regulatory Developments

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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