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Announcements October 06, 2023

BAP Memo on PHIREF Fall Back

With the permanent cessation of LIBOR in June 2023 and final maturity of PHIREF-based end of September 2023, market participants are reminded on the PHIREF Fallback publication methodology.

Publication Pages

PHIREF Fallback rates will be published on the Bankers Association of the Philippine’s (BAP) website (https://bap.org.ph) as well as the Bloomberg Terminal.

The last available PHIREF Fallback is available on the Bloomberg page; PHRF<go>. PHIREF Fallback for a specific Original PHIREF Rate Record Day is available via HP<go> for the specific tenor. There are two dates associated with each tenor:

  • Date – Referred to as Original PHIREF Rate Record Day
  • Calc Date – Referred to as the Calculation Date

The Original PHIREF Rate Record Day in Bloomberg page PHRF<go> is the Reset/Fixing Date in the Original Contract.


An IRS deal with the corresponding applicable PHIREF Fallback Rate:

For full documentation on PHIREF Fallback, refer to link below.
PHIREF-Fallbacks-Implementation-Methodology-October-2021_fin-1.pdf (bap.org.ph)