The Bankers Association of the Philippines (BAP) wishes to inform the public that the PHRIREF rates will cease to be published upon permanent cessation of USD LIBOR, currently expected to be around June 2023.  

The BAP will provide fallback rates for the Overnight, 1-Month, 3-Month, and 6-Month PHIREF tenors as the “PHIREF Fallback”, which will be used upon permanent cessation of PHIREF.  However, there would be no fallback rates for the 1-Week, 2-Month, and 1-Year PHIREF tenors.

In light of this development, the BAP has advised its member banks not to enter into contracts that have PHIREF tenors, which would have no fallback rates.