The Bankers Association of the Philippines informs the public on its final decision regarding changes involving the Philippine Interbank Reference Rate (“PHIREF”). This decision was made in connection with the cessation of the USD London Interbank Offered Rate (“USD Libor”) by the end of June 2023.
Certain PHIREF tenors will cease to be published after December 31, 2021, while other tenors will cease to be published after June 30, 2023. As previously stated, the BAP will provide fallback rates for the Overnight, 1-Month, 3-Month, and 6-Month PHIREF tenors.
These fallback rates can be used to settle legacy contracts that refer to PHIREF benchmarks after the cessation of PHIREF.
However, as previously stated, the BAP will not provide fallback rates for the 1-Week, 2-Month, and 1-Year PHIREF tenors. The publication of these tenors will cease immediately after December 31, 2021.
Please see the full document detailing all recent updates regarding this matter.