1 US Dollar equals

51.240 Philippine Peso

USD
PHP
Chart of exchange rate values over time

Dollar - Peso Spot Rate

Closing as of Today
TenorPDST-R1 as of 11:15 AMPDST-R2 as of 04:15 PM
TodayPreviousChangeTodayPreviousChange
1m2.7157 2.6979 0.0179 2.71572.6979 0.0179
3m 2.17132.1800-0.0087 2.17442.1782 -0.0039
6m 2.91362.5737 0.3399 2.47462.5666 -0.0920
1y 2.83753.0266 -0.1890 2.84852.9768 -0.1283
2y 3.81073.7982 0.0125 3.81073.7982 0.0125
3y 3.83283.8453 -0.0145 3.83373.8363 -0.0025
4y 4.21754.1995 0.0180 4.21754.1995 0.0180
5y 4.67544.5700 0.1054 4.68254.5700 0.1125
7y 4.79644.4800 0.3164 4.79644.4883 0.3081
10y 5.03794.9918 0.0461 4.70864.9918 -0.2832
20y 5.53935.4350 0.1043 5.53935.4350 0.1043
25y  –  –  –  –  –  –

Peso Yield Curve

PDST Reference Rates
 
TERMPHIREF
11:30
PHIREF
16:00
TOTAL VOLUME
ON PHIREF 2.687 2.916528.5
SW PHIREF 2.745 2.747 5.0
1M PHIREF 2.8322.832 46.0
2M PHIREF 2.8332.833
3M PHIREF 2.9172.913 30.0
6M PHIREF 3.1053.105
1Y PHIREF 3.3533.353

PHIREF

Philippine Interbank Reference Rate

FAQs

1. What is a Foreign Exchange (FX) Spot transaction?

It is a contractual agreement between two Parties for the purchase and/or sale by a Party of an agreed amount in one Currency against the other.

In the Philippines, two Parties enter into a contractual agreement for the purchase and/or sale by a Party of an agreed amount in US Dollar (USD) against the sale and/or purchase by it to the other Party of an agreed amount in Philippine Peso (PHP). The FX spot transaction is also referred specifically as the US Dollar-Philippine Peso (USD/PHP) spot transaction. The USD is the commodity currency while the PHP is the term currency. This represents the conversion of one (1) US Dollar in terms of Philippine Pesos.

2. Who can participate in the FX spot USD/PHP market?

The FX spot market is an interbank market where only universal and commercial banks that are 1) duly authorized by the Bangko Sentral ng Pilipinas and 2) are members of the BAP can participate in the USD/PHP spot trading.

3. Who are the FX spot USD/PHP participants?

As of 31 December 2016, the participating member banks are the following:

  BAP Member Banks Code
1ASIA UNITED BANK CORPORATIONAUBK
2AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITEDANZV
3BANK OF AMERICA, N.A.BAPH
4BANK OF COMMERCEBKCP
5BANK OF THE PHILIPPINE ISLANDSBPIM
6BANK OF TOKYO-MITSUBISHI LTD. – MANILA BRANCHTMPH
7BDO PRIVATE BANK INC.PBDO
8BDO UNIBANK, INC.BDOM
9CHINA BANKING CORPORATIONCBCM
10CTBC BANK (PHILIPPINES) CORP.CCBM
11CITIBANK, N.A.CIPH
12DEUTSCHE BANK AG, MANILA BRANCHDBPH
13DEVELOPMENT BANK OF THE PHILIPPINESDEVP
14EAST WEST BANKING CORPORATIONEWBC
15ING BANK N.V., MANILA BRANCHINGB
16JP MORGAN CHASE BANK, N.A. – MANILA BRANCHJPPH
17KOREA EXCHANGE BANK – MANILA BRANCHKEBM
18LAND BANK OF THE PHILIPPINESLBPH
19MAYBANK PHILIPPINES, INC.MAYB
20METROPOLITAN BANK & TRUST COMPANYMBML
21MIZUHO BANK LTD. – MANILA BRANCHMIZM
22PHILIPPINE BANK OF COMMUNICATIONSPBCM
23PHILIPPINE NATIONAL BANKPNBM
24PHILIPPINE TRUST COMPANYPTCO
25PHILIPPINE VETERANS BANKPVBM
26RIZAL COMMERCIAL BANKING CORPORATIONRCBC
27ROBINSONS BANK CORPORATIONRSBK
28SECURITY BANK CORPORATIONSBMN
29SHINHAN BANK – MANILA BRANCHSHBM
30STANDARD CHARTERED BANKSCML
31SUMITOMO MITSUI BANKING CORPORATIONSMBC
32THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITEDHBPH
33UNION BANK OF THE PHILIPPINESUBPH
34UNITED COCONUT PLANTERS BANKUCPB
4. What does the published FX spot USD/PHP rates mean?

The published FX spot USD/PHP rates are results of the interbank trading which generates the reference rates for the daily conversion of one (1) US Dollar to Philippine Pesos. Since these are interbank bank rates, these are only the basis for the purchase or sale of US Dollars in terms of Philippine Peso for non-FX spot market participant.

1. What are Philippine Interest Rates?

The Philippine interest rates are interest rates primarily based on the following:

  • a. Interbank Call Loan (IBCL) rates
    or the borrowing and lending rates between and among banks
  • b. Bangko Sentral ng Pilipinas (BSP) rates
    which are the borrowing and lending facilities of the central bank to the banks through its Interest Rate Corridor (IRC). The IRC implemented by the BSP covers the Overnight Lending Facility (OLF), Overnight Deposit Facility (ODF), Time Deposit Facility (TDF) and Reverse Repurchase (RRP).
  • c. Government Securities (GS)
    wherein the interest rates are based on the rate at which the National Government is willing to pay when they borrow from the local market through the issuance of GS. The market where the Bureau of the Treasury conducts its auction is referred to as the primary market. Only Government Securities Eligible Dealers (GSEDs) are allowed to participate in the primary market.
2. What are the types of Government Securities?
  • There are two kinds of GS:
    • a. Treasury bills
      Treasury Bills are government securities that mature in less than a year. There are three tenors of Treasury Bills: (1) 91-day, (2) 182-day and (3) 364-day Bills. The number of days is based on the universal practice around the world of ensuring that the bills mature on a business day. Treasury Bills are quoted either by their yield rate, which is the discount, or by their price based on 100 points per unit. Treasury Bills that mature in less than 91 days are called Cash Management Bills (e.g. 35-day, 42-day).
    • b. Treasury bonds
      Treasury Bonds are government securities that mature beyond one year. At present there are five maturities of bonds: 2- year; 5 – year; 7 – year; 10 – year and 20-year. These are sold at its face value on origination. The yield is represented by the coupons, expressed as a percentage of the face value on per annum basis, and is payable semi-annually.
3. What are Treasury Rate Benchmarks?

These are the rates derived from the trading of GS in the secondary market. The Philippine Dealing and Exchange Corp. (PDEx) is an SEC-licensed self-regulatory organization for fixed income securities. GS transactions that are captured and calculated to form a benchmark are fixed income securities dealt only by authorized PDEx trading participants. These benchmarks are referred to PDS Reference Rates.

4. What are PDS Reference Treasury Rates?

These are benchmark rates calculated in compliance with BSP Circular No. 813 with subject Amendment on Market Valuation of Government Securities by the BAP-appointed calculating agent pursuant to BSP Memorandum No. M-2007-006 with subject: Mark-to-Market Valuation of Debt and Equity Securities – Benchmark/Reference Prices.

These PDS Reference Rates are referred to as PDST-R1 and PDST-R2. PDST-R1 reference rates are calculated daily every 11:15AM while PDST-R2 reference rates are calculated daily every 4:15PM.

5. What are the possible uses of PDST-R1 and PDST-R2?

The published PDS reference rates or benchmarks can be used as basis to compute the lending rate of banks; while private bond issuers, on the other hand, may use these reference rates as the basis for the rates of their corporate issuances.

1. What is a derivative?

Derivative is any financial instrument which expresses a contractual relationship between two or more parties whose payment is based on or derived (thus the term “derivative”) from some pre-agreed benchmark or underlying instrument.

Generally, these benchmarks or underliers include foreign exchange rates, interest rates, commodity prices or stock indices.

2. What is an Interest Rate Swap (IRS)?

The IRS is a derivative which allows for a contractual agreement between parties to exchange floating rate debt service for a fixed rate debt service.
PHIREF or the Philippine Interbank Reference Rate is the implied Peso interest rate derived from done deals in the interbank foreign exchange swap market. The PHIREF is used as the benchmark for the reset value for the Peso floating leg of an Interest Rate Swap.

3. What is PHIREF?

PHIREF or the Philippine Interbank Reference Rate is the implied Peso interest rate derived from done deals in the interbank foreign exchange swap market. The PHIREF is used as the benchmark for the reset value for the peso floating leg of an Interest Rate Swap.