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Market Watch
Close of
September 19, 2018
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 6.197 ▲ 34.2 ▲ 60.6 ▲ 221.0
5 Year 7.096 ▲ 67.3 ▲ 24.8 ▲ 235.3
10 Year 7.583 1.6 ▲ 3.3 ▲ 188.4

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
PHP per USD 54.050 ▲ 0.1 ▲ 0.0 8.4
PHP per JPY 0.481 0.0 ▲ 0.9 8.8

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
ON PHIREF 4.247 78.6 70.1 ▲ 166.9
3M PHIREF 4.584 25.5 ▲ 18.4 ▲ 132.3

* 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
4.000 ▲ 50.0 ▲ 100.0
BSP Overnight Lending
(Repo) Rate
4.500 ▲ 50.0 ▲ 100.0

* 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 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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2018 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 15 May, local currency (LCY) government bond yields in the Philippines rose for all tenors except the 3-year, 7-year, and 10-year maturities, which fell 36 basis points (bps), 94 bps, and 77 bps, respectively. According to the Bureau of the Treasury, interest rates continued to trend upward as some investors anticipate additional rate hikes by the Bangko Sentral ng Pilipinas following the increase on 10 May. Moreover, demand for higher rates for longer tenors reflects investor concerns about inflation.

Size and Composition

Total LCY bonds in the Philippines reached PHP5,593 billion (USD107 billion) at the end of March on growth of 2.1% quarter-on-quarter and 13.1% year-on-year. The increase in outstanding bonds in the LCY bond market is supported by increases in both the government and corporate bond segments. At the end of March, government bonds represented 80.1% of total outstanding bonds, while corporate bonds comprised only 19.9%.

Policy, Institutional and Regulatory Developments

The Government of the Philippines plans to issue a total of PHP325 billion in the second quarter of 2018, comprising PHP195 billion of Treasury bills and PHP130 billion of Treasury bonds. Auctions in the second quarter of 2018 will be conducted on a weekly basis. The increase in domestic borrowing during the past few quarters has funded the growth of the national budget and supported the infrastructure spending program of the current administration.

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