In a statement, the Bankers Association of the Philippines (BAP) said this development follows the publication of the updated International Swaps and Derivatives Association definitions on Nov. 15.
The updated rates include the Philippine Overnight Reference Rate (ORR), which serves as a key benchmark for the enhanced PESO IRS market.
The BAP developed the Philippine ORR, which was based on the variable overnight repurchase rate of the Bangko Sentral ng Pilipinas.
BSP Governor Eli Remolona Jr. said the central bank is excited for the PESO IRS to go live to help boost transactions, create a benchmark yield curve and deepen the capital markets.
"A benchmark curve will help banks and other lenders price loans at various maturities. This whole effort is just one of many steps the national government, the BSP and Philippine and foreign banks are working on very closely together to achieve these objectives. Foremost among these is to provide the liquidity investors need to invest in our fast-growing economy," he said.
This story is from the November 18, 2024 edition of The Philippine Star.
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This story is from the November 18, 2024 edition of The Philippine Star.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 9,000+ magazines and newspapers.
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