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Close of April 24, 2024 |
Change From | |||
---|---|---|---|---|
Govt. Bond Yields | Latest Yield | Previous Day | Previous Week | YTD |
2 Year | 6.467 | ▲ 1.5 | ▲ 10.4 | ▲ 55.3 |
5 Year | 6.739 | ▼ 0.4 | ▲ 9.7 | ▲ 80.1 |
10 Year | 6.962 | ▲ 3.6 | ▲ 12.1 | ▲ 96.1 |
* Government bond yield changes are expressed in basis points. |
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Currencies | Latest Rate | Previous Day | Previous Week | YTD |
PHP per USD | 57.548 | ▼ 0.1 | ▼ 0.6 | ▼ 3.9 |
PHP per JPY | 0.370 | ▲ 0.3 | ▲ 0.0 | ▲ 5.7 |
* Exchange rate changes are expressed as a percentage change. |
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Interest Rates | Latest Rate | Previous Day | Previous Week | YTD |
ON PHIREF | 5.658 | 0.0 | 0.0 | 0.0 |
* Interest rate changes are expressed in basis point change. |
Change From | ||||
---|---|---|---|---|
Policy Rates | Latest Rate (8-Apr-2024) |
Previous Rate (15-Feb-2023) |
YTD Rate |
|
BSP Overnight Borrowing (Reverse Repo) Rate |
6.500 | ▲ 25.0 | 0.0 | |
BSP Overnight Lending (Repo) Rate |
7.000 | ▲ 25.0 | 0.0 | |
* Policy rate changes are expressed in basis point change. |
Agency | Rating | Outlook | Date | |
---|---|---|---|---|
Regional Rating Institutions | ||||
R&I | BBB+ | positive | 2023-08-07 | |
RAM | BBB2 | stable | 2019-11-27 | |
Non-Regional Rating Institutions | ||||
Fitch | BBB | stable | 2023-05-22 | |
S&P | BBB+ | stable | 2022-11-16 | |
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
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.
Download Report
* Download previous issues PDF | ||||
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Between 1 December 2023 and 29 February 2024, the Philippines’ local currency (LCY) government bond yields rose for almost all tenors as the Bangko Sentral ng Pilipinas held its policy rate near a 17-year high. In its 14 February policy meeting, the central bank kept its overnight reverse repurchase rate at 6.50% to anchor inflation expectations within the government’s target range due to risks from elevated fuel prices and the El Niño climate phenomenon’s impact on food prices.
In the fourth quarter (Q4) of 2023, the Philippines’ LCY bond market increased 1.0% quarter-on-quarter (q-o-q) to PHP12.0 trillion, driven by growth in government bonds. Despite a contraction in issuance, government bonds outstanding grew 2.1% q-o-q due to low volume of maturities during the quarter. Meanwhile, outstanding LCY corporate bonds and central bank securities contracted in Q4 2023 due to a large number of bond maturities that exceeded total issuance. LCY bond issuance in the Philippines totaled PHP2.3 trillion in Q4 2023, a decline of 4.4% q-o-q on reduced issuance from the government.
On 22 November, the Bureau of the Treasury (BTr) raised PHP15.0 billion from the sale of its first Tokenized Treasury Bonds (TTBs) with a coupon rate of 6.5% and a tenor of 1 year. The TTBs were issued in a form of digital tokens maintained in the BTr’s Distributed Ledger Technology Registry and were offered solely to qualified institutional investors. The BTr’s issuance of TTBs aim to promote greater financial inclusion and modernization of financial platforms through digital technology.