Bigger government borrowings to raise funds for COVID-19 response fueled the growth of the Philippines’ domestic bond market in 2020, an Asian Development Bank (ADB) report on Friday showed.
ADB’s Asia Bond Monitor for March 2021 showed that the local currency bond market grew by 28.9 percent to P8.57 trillion last year from P6.65 trillion in 2019.
Quarter-on-quarter, the end-2020 volume also grew by 5.3 percent from P8.14 trillion during the third quarter.
The volume of government-issued IOUs like treasury bills and bonds as well as Bangko Sentral ng Pilipinas securities rose 35.3 percent year-on-year and 7 percent quarter-on-quarter as of end-2020.
Government bonds accounte…
Keep on reading: PH bond market grew by 29% in 2020