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Announcements November 24, 2021

PHIREF Updates for November 22, 2021

On FAQs and the letter on PHIREF fallback implementation methodology:

The Bankers Association of the Philippines is providing additional documents on updates related to the planned cessation of the Philippine Interbank Reference Rate (“PHIREF”).

Market participants will be provided a list of Frequently Answered Questions (“FAQs”) on the transition from PHIREF. This document will provide guidance to market participants as they prepare themselves for the cessation of PHIREF.

In addition, market participants can read a document that fully explains the PHIREF fallback implementation methodology and developments on the transition from the London interbank offered rate (“Libor”).

These documents can be accessed here and here.



The Bankers Association of the Philippines wishes to update market participants about the Secured overnight financing rate (“SOFR”).

BSP-supervised financial institutions that want to use SOFR term rates as an alternative to the London interbank offered rate (“Libor”) can access them on multiple service providers. These include Bloomberg (on page BTTM US <GO>) and Refinitiv as tickers ( .SR1M, .SR3M, .SR6M, and .SR1Y).

This advisory does not constitute a recommendation from the BAP and the BAP Open Market Committee (“BAP OMC”) to use SOFR term rates. Market participants are urged to know the relevant bilateral agreements so that they can utilize rates in-line with the recommendations of the Alternative Rates Reference Committee (“ARCC”), as well as other applicable requirements.

The advisory can be accessed here.