According to the September issue of the ADB’s Asia Bond Monitor, growth in bond issues slowed from 6.5% in the first quarter.
“The slower growth stemmed from a contraction in the stock of Treasury bills and a slower expansion in the stock of Treasury bonds. On the other hand, growth in the central bank bond stock moderated, while the stock of other government bonds posted strong growth during the review period,” the ADB said.
Outstanding bills issued by the central bank totaled P567 billion, up 38.3% from a quarter earlier and up 41.8% from a year earlier. According to the ADB, this was due to higher borrowing costs, as well as “uncertainties in the Philippine economic outlook and policy direction.” The ADB said bond yields in the Philippines and in emerging East Asia region have been fluctuating according to the monetary authorities’ rate adjustments in reaction to inflation.
Fed Chairman Jerome H. Powell last week said the US central bank is “strongly committed” to fighting inflation and needs to continue acting aggressively to bring prices down.
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