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Market Watch
Close of
June 14, 2019
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 5.099 ▲ 0.8 17.2 178.6
5 Year 5.163 ▲ 2.8 8.3 187.4
10 Year 5.248 ▲ 5.1 ▲ 3.1 181.7

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
PHP per USD 52.020 0.3 0.1 ▲ 1.0
PHP per JPY 0.479 0.1 ▲ 0.2 0.0

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
ON PHIREF 3.731 1.5 90.6 642.1
3M PHIREF 4.475 ▲ 5.9 39.6 140.5

* 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 25.0     0.0
BSP Overnight Lending
(Repo) Rate
5.000 25.0     0.0

* 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
  • 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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* Download previous issues PDF
2019 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

Size and Composition

The local currency (LCY) bond market of the Philippines expanded 5.3% quarter-on-quarter and 11.4% year-on-year in the fourth quarter of 2018 supported by increases in LCY government and corporate bonds. Outstanding LCY bonds amounted to PHP6,098 billion (USD116 billion), up from PHP5,792 billion in the previous quarter.

Corporate Bond Issuance

Issuances of LCY corporate bonds in the fourth quarter of 2018 totaled PHP130.9 billion, increasing more than 150% from the previous quarter. Banks increased their issuance of bonds as an alternative funding source after the Bangko Sentral ng Pilipinas relaxed its rules to allow banks to tap the domestic capital market without prior approval from the central bank.

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