Philippines: Market Summary
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Market Summary
Yield Movements
Between 2 September and 31 October, local currency (LCY) government bond yields in the Philippines fell for all tenors due to the Bangko Sentral ng Pilipinas' (BSP) dovish monetary policy stance. The BSP reduced its overnight reverse repurchase twice for a cumulative total of 50 basis points since August, amid cooling domestic inflation. Year-on-year inflation slowed to 1.9% in September from 3.3% in August. While inflation rose to 2.3% year-on-year in October, it remained within the government's target range of 2.0%-4.0%.
Local Currency Bond Market Size and Issuance
Growth in the LCY bond market accelerated in the third quarter (Q3) of 2024 to a size of PHP13.0 trillion supported by robust expansion in all bond segments. Treasury and other government bonds outstanding grew 3.6% quarter-on-quarter (q-o-q) on increased borrowing amid a high volume of bond maturities during the quarter. Similarly, total corporate debt stock expanded 3.1% q-o-q on increased issuance by corporates following the BSP's policy easing in August. Due to declining borrowing costs, total LCY bond issuance grew 11.0% q-o-q to PHP2.9 trillion in Q3 2024.
Sustainable Bond Market
At the end of September, the Philippines' sustainable bond market mainly comprised foreign-currency-denominated sustainability bond instruments. Total sustainable bonds outstanding grew 20.3% q-o-q to USD10.9 billion at the end of Q3 2024 due to increased issuance by corporates during the quarter. The size-weighted average tenor in the Philippines' sustainable bond market was 12.9 years at the end of September.