The numbers show that the outstanding local currency (LCY) bonds represent a mere 34.2 percent of the country’s GDP. To hasten local currency debt market development, the BSP, in collaboration with the Department of Finance (DOF), the Bureau of the Treasury (BTr), and Securities and Exchange Commission (SEC), is working on a package of joint and coordinated initiatives.
This reform agenda officially unfolds with the launching of the Government Securities Repo Program on 27 November 2017. The reforms are geared towards increasing transparency in the issuance and pricing of government bonds that would translate into increased efficiency, lower borrowing cost, and more dynamic participation. Strengthening the foundational elements would facilitate development of the broader financial market.