Philippines Launches Enhanced Peso Interest Rate Swap Market

The Bankers Association of the Philippines has launched an enhanced Peso Interest Rate Swap (Peso IRS) market, utilizing the Philippine Overnight Reference Rate. This initiative aims to develop yield curves and improve liquidity in the domestic bond market, with participation from major banks and a trading platform by Bloomberg. BSP Governor Eli Remolona highlights its significance in boosting transactions and creating benchmark yield curves, marking a pivotal step in strengthening the Philippines’ financial landscape.