Philippines
Market Watch
| Close of January 22, 2021 |
Change From | |||
|---|---|---|---|---|
| Govt. Bond Yields | Latest Yield | Previous Day | Previous Week | YTD |
| 2 Year | 1.792 | ▼ 1.6 | ▼ 3.8 | ▼ 5.4 |
| 5 Year | 2.537 | ▼ 0.2 | ▼ 3.4 | ▲ 3.4 |
| 10 Year | 2.899 | ▼ 3.3 | ▼ 10.1 | ▼ 9.7 |
|
* Government bond yield changes are expressed in basis points. |
||||
| Currencies | Latest Rate | Previous Day | Previous Week | YTD |
| PHP per USD | 48.084 | ▼ 0.1 | ▼ 0.0 | ▼ 0.1 |
| PHP per JPY | 0.463 | ▲ 0.2 | ▼ 0.1 | ▲ 0.4 |
|
* Exchange rate changes are expressed as a percentage change. |
||||
| Interest Rates | Latest Rate | Previous Day | Previous Week | YTD |
| ON PHIREF | -0.261 | ▲ 42.4 | ▼ 29.8 | ▼ 81.5 |
| 3M PHIREF | 0.799 | ▲ 7.6 | ▼ 20.6 | ▼ 40.3 |
|
* Interest rate changes are expressed in basis point change. |
||||
Policy Rates
| Change From | ||||
|---|---|---|---|---|
| Policy Rates | Latest Rate (17-Dec-2020) |
Previous Rate (20-Nov-2020) |
YTD Rate |
|
| BSP Overnight Borrowing (Reverse Repo) Rate |
2.000 | 0.0 | 0.0 | |
| BSP Overnight Lending (Repo) Rate |
2.500 | 0.0 | 0.0 | |
|
* Policy rate changes are expressed in basis point change. |
||||
Sovereign Ratings
| Agency | Rating | Outlook | Date | |
|---|---|---|---|---|
| Regional Rating Institutions | ||||
| R&I | BBB+ | stable | 2020-02-07 | |
| RAM | BBB2 | stable | 2019-11-27 | |
| Non-Regional Rating Institutions | ||||
| Fitch | BBB | stable | 2020-05-07 | |
| S&P | BBB+ | stable | 2020-05-30 | |
NEWS HIGHLIGHTS
- Peso to climb before US Fed policy meeting
- NEDA board approves updated economic blueprint for next 2 years
- BSP seen unlikely to touch rates this year
- Gov’t debt yields rally on buying interest
- Treasury bills to fetch lower rates as investors wait for GDP report
Read full index for News and Commentary
BOND ISSUANCES
- 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
- Bonds Turnover Ratio
- 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 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. View Report
ASEAN+3 Multi-Currency Bond Issuance Framework
Implementation Guidelines for the Philippines
February 2020
The ASEAN+3 Multi-Currency Bond Issuance Framework (AMBIF) Implementation Guidelines for the Philippines are provided to review the AMBIF Elements and detail the corresponding features of the Philippine market in relation to each element.
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Market Summary
Yield Movements
The yield curve of local currency (LCY) government bonds in the Philippines steepened between 31 August and 30 October. Yields on bonds with 1-month, 3-month, and 2-year maturities dropped on an average of 7 basis points (bps) while the remaining tenors all saw increases in their yields, with larger advances in 20-year and 25-year maturities at 45 bps and 29 bps, respectively. The yield declines at the shorter-end of the curve were due largely to the accommodative monetary policy stance of the Bangko Sentral ng Pilipinas (BSP) and the inflation rate remaining subdued. On the other hand, yield increases at the longer-end of the curve stem from expectations that inflation may pick up with the further reopening of the economy and on gloomy economic growth forecasts.
Size and Composition
Total LCY bond outstanding in the Philippines reached PHP8,136.4 billion (USD167.8 billion) at the end of September on growth of 8.8% quarter-on-quarter (q-o-q) and 21.5% year-on-year. The bond market expansion was supported by the government segment, particularly with the issuance of the PHP516.3 billion Retail Treasury Bonds, and by the corporate segment on the back of more bond sales during the third quarter. The government and corporate bond markets grew 10.1% q-o-q and 3.8% q-o-q, respectively, and comprised 79.9% and 21.1% of the LCY bond market.
Policy, Institutional and Regulatory Developments
The BSP started issuing BSP securities on 18 September as an additional instrument to manage liquidity in the financial system. According to the BSP, this initiative will help the central bank shift to more market-based monetary operations and support the implementation of monetary policy under the interest rate corridor framework. The addition of BSP securities to the supply of risk-free financial instruments in the banking system could help in the development of the LCY bond market. The issuance of the securities is allowed under the New Central Bank Act that was signed in February 2019.
Refine Search
1 - 20 of 104 results
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Bangko Sentral ng Pilipinas
2021-01-22 - Treasury Bonds Auction Result January 19, 2021
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2021-01-05 - Treasury Bills Auction Result January 4, 2021
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2021-01-04 - Treasury Bonds Auction Result December 15, 2020
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2020-12-15 - Treasury Bills Auction Result December 14, 2020
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2020-12-14 - BSP Securities Auction Results January 15,2021
Bangko Sentral ng Pilipinas
2020-12-11 - BSP Securities Auction Results December 1, 2020
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2020-12-11 - Treasury Bills Auction Result December 8, 2020
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Bangko Sentral ng Pilipinas
2020-12-04 - UnionBank raises P9 billion from bond offering
Business World
2020-12-04 - Republic of the Philippines prices 10.5-Year, 25-YearDollar Global Bonds
Bureau of the Treasury
2020-12-03 - Treasury Bonds Auction Result December 2, 2020
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2020-11-16
Refine Search
1 - 20 of 1,110 results
- Peso to climb before US Fed policy meeting
Business World
2021-01-25 - GDP likely contracted by 8.5% in Q4
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2021-01-25 - Gov’t debt yields rally on buying interest
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2021-01-25 - BSP seen unlikely to touch rates this year
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2021-01-25 - NEDA board approves updated economic blueprint for next 2 years
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2021-01-25 - Economic contraction seen slowing to 6%
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