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Philippines

Market Watch
Close of
January 22, 2021
Change From
Govt. Bond Yields Latest Yield Previous Day Previous Week YTD
2 Year 1.792 1.6 3.8 5.4
5 Year 2.537 0.2 3.4 ▲ 3.4
10 Year 2.899 3.3 10.1 9.7

* Government bond yield changes are expressed in basis points.

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Currencies Latest Rate Previous Day Previous Week YTD
PHP per USD 48.084 0.1 0.0 0.1
PHP per JPY 0.463 ▲ 0.2 0.1 ▲ 0.4

* Exchange rate changes are expressed as a percentage change.

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Interest Rates Latest Rate Previous Day Previous Week YTD
ON PHIREF -0.261 ▲ 42.4 29.8 81.5
3M PHIREF 0.799 ▲ 7.6 20.6 40.3

* Interest rate changes are expressed in basis point change.

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Policy Rates
Change From
Policy Rates Latest Rate
(17-Dec-2020)
Previous Rate
(20-Nov-2020)
YTD
Rate
BSP Overnight Borrowing
(Reverse Repo) Rate
2.000     0.0     0.0
BSP Overnight Lending
(Repo) Rate
2.500     0.0     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 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
  • Bonds Turnover Ratio
  • 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 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. View Report

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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* Download previous issues PDF
2020 Nov 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 yield curve of local currency (LCY) government bonds in the Philippines steepened between 31 August and 30 October. Yields on bonds with 1-month, 3-month, and 2-year maturities dropped on an average of 7 basis points (bps) while the remaining tenors all saw increases in their yields, with larger advances in 20-year and 25-year maturities at 45 bps and 29 bps, respectively. The yield declines at the shorter-end of the curve were due largely to the accommodative monetary policy stance of the Bangko Sentral ng Pilipinas (BSP) and the inflation rate remaining subdued. On the other hand, yield increases at the longer-end of the curve stem from expectations that inflation may pick up with the further reopening of the economy and on gloomy economic growth forecasts.

Size and Composition

Total LCY bond outstanding in the Philippines reached PHP8,136.4 billion (USD167.8 billion) at the end of September on growth of 8.8% quarter-on-quarter (q-o-q) and 21.5% year-on-year. The bond market expansion was supported by the government segment, particularly with the issuance of the PHP516.3 billion Retail Treasury Bonds, and by the corporate segment on the back of more bond sales during the third quarter. The government and corporate bond markets grew 10.1% q-o-q and 3.8% q-o-q, respectively, and comprised 79.9% and 21.1% of the LCY bond market.

Policy, Institutional and Regulatory Developments

The BSP started issuing BSP securities on 18 September as an additional instrument to manage liquidity in the financial system. According to the BSP, this initiative will help the central bank shift to more market-based monetary operations and support the implementation of monetary policy under the interest rate corridor framework. The addition of BSP securities to the supply of risk-free financial instruments in the banking system could help in the development of the LCY bond market. The issuance of the securities is allowed under the New Central Bank Act that was signed in February 2019.

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