The initial phase will focus on improving market benchmarks, covers initiatives to increase volume of treasury issuances, promotes market-making and price discovery, enhances the yield curve, establishes an organized repo market, and strengthens regulatory oversight. We look forward to the launch of the first trade in the organized repo market by next month.
On the part of the BSP, we have started improving the regulatory framework for project financing starting last year with the issuance of Circular No. 914. Just this month, we issued Circular No. 976, which enhances prudential reporting requirements over project finance exposures. This will sharpen BSP’s ability to assess bank exposures to project finance, and timely deploy macroprudential measures, if necessary.