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Philippines

Market Watch
Close of
July 9, 2020
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 2.051 2.8 7.5 168.7
5 Year 2.375 4.0 7.5 168.6
10 Year 2.823 6.9     0.0 163.8

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
PHP per USD 49.414 ▲ 0.2 ▲ 0.7 ▲ 2.5
PHP per JPY 0.461 ▲ 0.1 ▲ 0.4 ▲ 1.2

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
ON PHIREF 2.035 ▲ 10.3 ▲ 10.8 ▲ 892.9
3M PHIREF 2.045 4.9 2.8 101.0

* Interest rate changes are expressed in basis point change.

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Policy Rates
Change From
Policy Rates Latest Rate
(25-Jun-2020)
Previous Rate
(16-Apr-2020)
YTD
Rate
BSP Overnight Borrowing
(Reverse Repo) Rate
2.250 50.0 175.0
BSP Overnight Lending
(Repo) Rate
2.750 50.0 175.0

* 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 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

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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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 featur​es of the Philippine market in relation to each element.

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Implementation Guidelines for the Philippines
August 2015


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 featur​es of the Philippine market in relation to each element.

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* Download previous issues PDF
2020 Jun Mar
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

The yields of local currency (LCY) government securities in the Philippines fell across the board between 28 February and 15 May. Yields of bonds with maturities from 1 year to 10 years declined the most while smaller yield declines were observed at the shorter-end and longer-end of the curve. Developments that influenced the downward movement of the yield curve include: the series of interest rate cuts by the Bangko Sentral ng Pilipinas (BSP); investors resorting to safe-haven assets due to the uncertainty on the economic impact of the coronavirus disease (COVID-19) pandemic; weaker inflationary pressure; and the dovish stance of the United States Federal Reserve and other major central banks abroad.

Size and Composition

The Philippine LCY bond market reboundedly strongly by 6.9% quarter-on-quarter (q-o-q) in the first quarter of 2020 from a decline in the fouth quarter of 2019, registering total bonds outstanding of PHP7,106 billion (USD140.2 billion) at the end of March. The expansion was supported by both the government and corporate segments which posted stronger growth rates of 7.5% q-o-q and 5.0% q-o-q in the first quarter of 2020, respectively, compared to the preceding quarter.

Policy, Institutional and Regulatory Developments

On 10 April, the BSP announced measures to support domestic liquidity to ensure stability and the proper functioning of the financial market which include (i) purchases of government securities in the secondary market, (ii) a reduction of overnight reverse repurchase volumes to encourage counterparties to lend in the interbank market or to rechannel their funds into other assets such as government securities or loans, and (iii) a repurchase agreement with the government where the BSP shall purchase government securities worth up to PHP300 billion from the Bureau of the Treasury.

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