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Market Watch
Close of
March 26, 2020
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 4.460 3.8 ▲ 13.2 ▲ 72.2
5 Year 4.645 4.5 4.3 ▲ 58.4
10 Year 4.814 2.4 1.9 ▲ 35.3

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
PHP per USD 51.103 ▲ 0.1 0.0 0.9
PHP per JPY 0.466 1.4 1.0 ▲ 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 3.535 30.1 88.6 ▲ 1.0
3M PHIREF 4.618 36.3 93.0 ▲ 156.3

* 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
3.250 50.0 75.0
BSP Overnight Lending
(Repo) Rate
3.750 50.0 75.0

* 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
  • 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
2020 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

Size and Composition

The amount of local currency (LCY) bonds outstanding in the Philippine market fell 0.8% quarter-on-quarter (q-o-q) in the fourth quarter (Q4) of 2019 to PHP6,645.8 billion (USD131.2 billion) at the end of December, led by a decline in the outstanding stock of government bonds. LCY government bonds fell 2.1% q-o-q to PHP5,141.1 billion, while the corporate bond market expanded 4.0% q-o-q to PHP1,504.7 billion. On a year-on-year basis, the Philippine LCY bond market grew 9.0%.

Corporate Bond Issuance

Corporate bond issuance in the Philippines surged 42.4% q-o-q to PHP106.4 billion in Q4 2019 from PHP74.7 billion in the previous quarter.

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