December 12, 2018
|Govt. Bond Yields||Latest Yield||Previous Day||Previous Week||YTD|
|2 Year||6.751||▲ 0.9||▲ 4.7||▲ 263.8|
|5 Year||6.979||▲ 1.5||▲ 3.9||▲ 220.2|
|10 Year||7.022||▲ 0.5||▲ 1.8||▲ 184.9|
* Government bond yield changes are expressed in basis points.
|Currencies||Latest Rate||Previous Day||Previous Week||YTD|
|PHP per USD||52.702||▲ 0.2||▲ 0.1||▼ 5.7|
|PHP per JPY||0.465||▲ 0.1||▲ 0.2||▼ 5.2|
* Exchange rate changes are expressed as a percentage change.
|Interest Rates||Latest Rate||Previous Day||Previous Week||YTD|
|ON PHIREF||4.786||▲ 41.4||▲ 104.4||▲ 220.8|
|3M PHIREF||5.357||▲ 7.2||▲ 27.8||▲ 209.6|
* Interest rate changes are expressed in basis point change.
|Policy Rates||Latest Rate
|BSP Overnight Borrowing
(Reverse Repo) Rate
|4.750||▲ 25.0||▲ 175.0|
|BSP Overnight Lending
|5.250||▲ 25.0||▲ 175.0|
* 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 31 August and 15 October, the yields of Philippine local currency (LCY) bonds of all tenors jumped an average of 189 basis points (bps). The 7-year maturity increased the most (250 bps), while the 1-year tenor registered the smallest increase at 116 bps. The yield spread between 2-year and 10-year government bonds contracted 50 bps. The jump in interest rates was spurred by concerns over high inflation and expectations of additional policy rate hikes before the end of the year from both the Bangko Sentral ng Pilipinas and the United States Federal Reserve at their next respective monetary policy meetings. Given these expectations, investors preferred short-term tenors over long-term tenors. The Bureau of the Treasury frequently rejected Treasury bond bids as investors asked higher than expected rates.
The Philippines’ LCY bond market marginally expanded 0.9% quarter-on-quarter in the third quarter of 2018, compared with 0.8% quarter-on-quarter growth during the same period in the previous year. Total LCY bonds amounted to PHP5,792 billion (USD107 billion) at the end of September, up from PHP5,741 billion in the second quarter of 2018. The increase was supported by growth in the corporate bond market.
On 10 August, the Bangko Sentral ng Pilipinas enhanced rules on bond issuances in order to develop the LCY bond market. Aside from complying with the Securities Regulations Code, universal banks, commercial banks, and quasibanks need to satisfy additional criteria to be eligible to issue bonds and commercial paper. The additional rules aim to help promote an efficient debt market that protects investors.
On 20 August, the Bureau of the Treasury launched the National Registry of Scripless Securities for the submission, confirmation, and settlement of government securities auctions by government securities-eligible dealers. The online platform will promote efficiency in processing bids during auctions for government securities.
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