The Bangko Sentral ng Pilipinas said it is accelerating reforms to develop the country’s local currency debt market.
“We are unveiling soon with partner government agencies a definite plan to accelerate the development of the local currency debt market,” Bangko Sentral Gov. Nestor Espenilla Jr. told reporters during an economic forum organized by Economic Journalists Association of the Philippines.
He said the central bank, Bureau of Treasury, Securities and Exchange Commission and the Department of Finance were jointly proposing three major operational priorities for the development of the local debt market.
Espenilla said the government planned to deepen the local bond market by adopting reforms in the Government Securities Eligible Dealer system, increasing supply of short-term securities and developing an effective regular framework on derivatives and repo markets.