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Philippines

Market Watch
Close of
September 28, 2020
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 2.149 ▲ 0.5 4.8 158.9
5 Year 2.769 ▲ 1.7 0.2 129.2
10 Year 3.042 ▲ 3.1 3.5 141.9

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
PHP per USD 48.499 0.1 0.2 ▲ 4.3
PHP per JPY 0.460 0.1 ▲ 0.6 ▲ 1.4

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
ON PHIREF 0.570 47.9 128.2 ▲ 746.4
3M PHIREF 1.729 2.8 33.8 132.6

* Interest rate changes are expressed in basis point change.

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Policy Rates
Change From
Policy Rates Latest Rate
(20-Aug-2020)
Previous Rate
(25-Jun-2020)
YTD
Rate
BSP Overnight Borrowing
(Reverse Repo) Rate
2.250     0.0 175.0
BSP Overnight Lending
(Repo) Rate
2.750     0.0 175.0

* 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 Sep 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 government bonds in the Philippines fell for all tenors, shifting the yield curve downward between 15 June and 15 August. Yields of bonds with shorter maturities (1-month to 1-year tenors) dropped the most, averaging a decline of 71 basis points. The downward movement reflects a flight to safety amid a weak economic outlook and uncertainty posed by the coronavirus disease (COVID-19) pandemic, as well as abundant liquidity in the market. Benign consumer price inflation is also a factor that kept yields at bay.

Size and Composition

The size of the local currency bond market in the Philippines continued to expand in the second quarter of 2020, reaching PHP7,477 billion (USD150 billion) at the end of June on growth of 5.2% quarter-on-quarter (q-o-q). The increase was driven by the government segment's 6.8% q-o-q expansion but partially dragged down by the corporate segment's 0.4% q-o-q contraction. Government bonds comprised 79.0% of the total bond market at the end of June, with corporate bonds accounting for 21.0%.

Policy, Institutional and Regulatory Developments

In July, the Bureau of the Treasury launched Bonds.PH, the first mobile application in Asia for the distribution of government bonds enabled by distributed ledger technology. The system, which utilizes blockchain technology, allows tamper-proof record keeping and can facilitate complex transactions. Such technology supports financial inclusion in the economy as it makes investing, especially to the unbanked, easier and more secure. The Bureau of the Treasury's issuance of Retail Treasury Bonds in July utilized this technology.

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