These include initiatives to 1) increase the volume of treasury bills, 2) provide stable, predictable and transparent issuance of government securities, 3) develop a systematic set of obligations, rights and incentives for market-makers, 4) establish a reliable yield curve, 5) introduce a repo program, and 6) strengthen regulatory oversight over the repo and fixed income market.
Even as we pursue efforts to deepen the local debt market, the BSP actively worked on improving access to investment products. For instance, the Personal Equity Retirement Account (PERA) was launched late last year. This was done with the strong support of the industry. The program provides an opportunity for capital market gains to be enjoyed by a wider retail base.