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Market Watch
Close of
February 17, 2020
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 4.001 1.6 3.5 ▲ 26.3
5 Year 4.266 0.5 1.8 ▲ 20.5
10 Year 4.397 ▲ 1.0 ▲ 0.3 6.4

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
PHP per USD 50.576 0.2 ▲ 0.4 ▲ 0.2
PHP per JPY 0.460 0.1 ▲ 0.5 ▲ 1.3

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
ON PHIREF 3.439     0.0 32.6 ▲ 1.0
3M PHIREF 3.261 1.4 5.4 ▲ 20.6

* 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
3.750 25.0 25.0
BSP Overnight Lending
(Repo) Rate
4.250 25.0 25.0

* 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

More details

  • 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
  • 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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* Download previous issues PDF
2019 Nov Sep 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 31 August and 15 October, the Philippines’ local currency (LCY) government bond yield curve steepened as yields at the shorter end of the curve declined and those at the longer end rose. Yields rose in early September, particularly among longer tenors, as the market tracked movements in United States (US) Treasury yields, which rose due to positive developments in the trade talks between the People’s Republic of China and the US. Market participants also started to take profits following the rally in government bonds since the start of the year, which was brought about by the monetary easing conducted by the Bangko Sentral ng Pilipinas (BSP).

Size and Composition

LCY bonds outstanding in the Philippine market marginally declined 0.1% quarter-on-quarter (q-o-q) to PHP6.69 trillion (USD129.2 billion) at the end of September from PHP6.71 trillion at the end of June. This was driven by a 0.7% q-o-q decline in government bonds outstanding to PHP5.3 trillion. Meanwhile, corporate bonds outstanding rose 2.1% q-o-q to PHP1.4 trillion at the end of September.

Policy, Institutional and Regulatory Developments

In October, the Bangko Sentral ng Pilipinas launched the first Other Financial Corporations Survey (OFCS), a comprehensive measure of the assets and liabilities of other financial corporations. These include, among others, trust entities, private and public insurance companies, government financial institutions, and nonmoney market funds covering unit investment trust funds and investment companies. The OFCS aims to identify the concentration of vulnerabilities in the financial sector in relation to other sectors in the economy.

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