July 19, 2018
|Govt. Bond Yields||Latest Yield||Previous Day||Previous Week||YTD|
|2 Year||4.844||▼ 0.9||▲ 4.1||▲ 85.8|
|5 Year||5.636||▼ 16.5||▼ 1.4||▲ 89.2|
|10 Year||6.350||▼ 10.0||▼ 2.5||▲ 65.1|
* Government bond yield changes are expressed in basis points.
|Currencies||Latest Rate||Previous Day||Previous Week||YTD|
|PHP per USD||53.585||▼ 0.2||▼ 0.1||▼ 7.5|
|PHP per JPY||0.476||▼ 0.5||▼ 0.2||▼ 7.7|
* Exchange rate changes are expressed as a percentage change.
|Interest Rates||Latest Rate||Previous Day||Previous Week||YTD|
|ON PHIREF||3.155||▲ 3.6||▼ 2.4||▲ 57.7|
|3M PHIREF||4.117||▼ 2.0||▼ 3.8||▲ 85.6|
* Interest rate changes are expressed in basis point change.
|Policy Rates||Latest Rate
|BSP Overnight Borrowing
(Reverse Repo) Rate
|3.500||▲ 25.0||▲ 50.0|
|BSP Overnight Lending
|4.000||▲ 25.0||▲ 50.0|
* Policy rate changes are expressed in basis point change.
|Regional Rating Institutions|
|Non-Regional Rating Institutions|
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.
|* Download previous issues PDF|
Between 1 March and 15 May, local currency (LCY) government bond yields in the Philippines rose for all tenors except the 3-year, 7-year, and 10-year maturities, which fell 36 basis points (bps), 94 bps, and 77 bps, respectively. According to the Bureau of the Treasury, interest rates continued to trend upward as some investors anticipate additional rate hikes by the Bangko Sentral ng Pilipinas following the increase on 10 May. Moreover, demand for higher rates for longer tenors reflects investor concerns about inflation.
Total LCY bonds in the Philippines reached PHP5,593 billion (USD107 billion) at the end of March on growth of 2.1% quarter-on-quarter and 13.1% year-on-year. The increase in outstanding bonds in the LCY bond market is supported by increases in both the government and corporate bond segments. At the end of March, government bonds represented 80.1% of total outstanding bonds, while corporate bonds comprised only 19.9%.
The Government of the Philippines plans to issue a total of PHP325 billion in the second quarter of 2018, comprising PHP195 billion of Treasury bills and PHP130 billion of Treasury bonds. Auctions in the second quarter of 2018 will be conducted on a weekly basis. The increase in domestic borrowing during the past few quarters has funded the growth of the national budget and supported the infrastructure spending program of the current administration.
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