ASEAN+3 Bond Market Guide 2017: Philippines | Asian Development Bank

ASEAN+3 Bond Market Guide 2017: Philippines

Publication | October 2017
ASEAN+3 Bond Market Guide 2017: Philippines

This report is an outcome of the support and contributions of ASEAN+3 Bond Market Forum members and experts, particularly from the Philippines.

The Philippine domestic bond market consists of short- and long-term bonds, mainly issued by the Government of the Philippines. The Philippine bond market is dominated by Treasury Bills and Treasury Bonds. Although the size of the Philippine corporate bond market is still small relative to government bonds, it has been growing rapidly over the years.

On 3 June 2016, the Bangko Sentral ng Pilipinas (BSP) formally adopted an interest rate corridor (IRC) system as a framework for conducting its monetary operations. The IRC is a system for guiding short-term market rates toward the BSP policy interest rate, which is the overnight reverse repurchase (RRP) rate.

About the ASEAN+3 Bond Market Guide

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.

Contents 

  • Overview
  • Legal and Regulatory Framework
  • Characteristics of the Philippine Bond Market
  • Bond and Note Transactions and Trading Market Infrastructure
  • Description of the Securities Settlement System
  • Bond Market Costs and Taxation
  • Market Size and Statistics
  • Presence of an Islamic Bond Market
  • Philippine Bond Market Challenges and Opportunities
  • Recent Developments and Future Direction