The Roadmap

Currently, the market landscape perpetuates a vicious cycle that inhibits the broadening and deepening of the financial sector.
To address this concern, the BSP, BTR and SEC laid out several local debt market reforms. These reforms are aimed to enhance the financial system, diversify sources of financing and support debt management of the National Government as well as liquidity management of the BSP.

2018 GS Issuance Program

The government is in the midst of the biggest infrastructure push in modern history. To meet the financing requirements of Build, Build, Build, as well as its proactive management of the National Government’s debt portfolio, the BTR will make adjustments in the annual financing program for 2018.

Repo Program

Developing an active Repurchase Agreement (Repo) market complements the Bureau’s Enhanced GSEDs Program and is imperative in enhancing the liquidity in the GS market as it allows market participants to actively provide bid and offer quotes for government securities.

Organized OTC GS Market

To reduce friction cost while maintaining transparency and price discovery, the industry proposed shifting from an exchange to an organized OTC model for the domestic GS market.

GS Valuation

With the inherent volatility in the PDST-R2 benchmark and BSP Circular 813 as the mark-to-market procedure of government securities, the SEC will work with the industry to develop a robust and IOSCO-compliant GS reference curve as well as an alternative mark-to-market methodology.


The information on this site is intended as a general reference for internet users.
It is made available on the understanding that The Bureau of The Treasury (BTr),
as a result of providing this information, is not engaged in providing
professional advice.

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