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THE GIST
NEWS AND FEATURES
Global Philippines Fine Living
INSIGHTS
INVESTMENT STRATEGY
Economy Stocks Bonds Currencies
THE BASICS
Investment Tips Explainers Retirement
WEBINARS
2024 Mid-Year Economi Briefing, economic growth in the Philippines
2024 Mid-Year Economic Briefing: Navigating the Easing Cycle
June 21, 2024
Investing with Love
Investing with Love: A Mother’s Guide to Putting Money to Work
May 15, 2024
retirement-ss-3
Investor Series: An Introduction to Estate Planning
September 1, 2023
View All Webinars
DOWNLOADS
economy-ss-8
Inflation Update: Weak demand softens shocks
July 4, 2025 DOWNLOAD
948 x 535 px AdobeStock_433552847
Economic Updates
Monthly Economic Update: Fed cuts incoming   
June 30, 2025 DOWNLOAD
equities-3may23-2
Consensus Pricing
Consensus Pricing – June 2025
June 25, 2025 DOWNLOAD
View all Reports
Rates & Bonds 2 MIN READ

Peso GS Weekly: Local yield curve steepens post-BSP rate cut

Offshore players began to unload at the belly and back-end of the curve as the dollar remains resilient. Meanwhile, others load up on short-term securities due to scarce supply.

October 22, 2024By Metrobank Local Currency Trading Department and Maria Christina Virtudazo
Front view of the façade of the Bureau of the Treasury in Intramuros

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WHAT HAPPENED LAST WEEK

The local government securities (GS) market opened weak despite liquidity being freed up by the maturity of the Fixed Rate Treasury Note 5-76, leading to a steepening of the GS curve.

On Oct. 16, the Bangko Sentral ng Pilipinas cut the key overnight rate by 25 basis points (bps), as widely expected. Some knee-jerk selling, however, was seen after the central bank released its updated inflation forecasts. The risk-adjusted inflation forecast for 2025 was adjusted higher to 3.3% from 2.9%, while the 2026 inflation forecast was updated to 3.7% from 3.3%.

With the USD/PHP exchange rate remaining elevated for most of last week, selling interest from offshore participants continued as they unloaded benchmark 5- to 20-Year bonds. Other institutional onshore accounts, howev

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