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BAP Spot USD/PHP Today Previous
Date December 03, 2021 December 02, 2021
Open Time 09:02:58 09:02:09
Open 50.42 50.38
High 50.48 50.44
Low 50.33 50.32
Close 50.36 50.4
BAP AM Weighted Average 50.424 50.401
AM Volume 497.3 495.25
BAP PM Weighted Average 50.385 50.402
PM Volume 462.55 385
BAP Weighted Average 50.405 50.401
Total Volume 959.85 880.25
FX Settlement Rate 50.424 50.401
Updates every 15 minutes (December 5, 2021 3:05:pm)

Foreign Exchange Summary

View Disclaimer | View Historical Data
1 US Dollar equals

50.36 Philippine Peso

USD
PHP
Chart of exchange rate values over time

Dollar - Peso Spot Rate

Closing as of Today

 

BAP FX Historical Data & PHP BVAL Reference Rates

Updated PHP BVAL Reference Rates can be accessed here.

NOTICE: Starting June 16, 2021, generation of BAP FX Summary PDF is postponed. You may find here the FX summary for 2021, 2020, 2019, and 2018. All BAP FX data before June 16, 2021, can still be accessed through the PDF generator above.

*Note: If you cannot access the GSheets, it means that your organization has disabled the ability to receive items from outside your organization. Please use a different email in accessing the FX sheet.

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TERM PHIREF
11:30
PHIREF
16:00
TOTAL VOLUME
ON PHIREF 1.196 1.862 656.5
SW PHIREF 1.098 1.267 85
1M PHIREF 1.171 1.223 120
2M PHIREF 1.285 1.285 30
3M PHIREF 1.463 1.463
6M PHIREF 1.694 1.694
1Y PHIREF 1.971 1.971

 

Tenor Original PHIREF Rate Record day Calculation Date PHIREF Fallback
FBPHRFON Index ON 12/02/2021 12/02/2021 1.199
FBPHRF1M index 1M 11/04/2021 12/02/2021 1.428
FBPHRF3M index 3M 09/06/2021 12/02/2021 1.519
FBPHRF6M index 6M 06/04/2021 12/02/2021 1.764

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
1 ANZ ANZP
2 ASIA UNITED BANK CORPORATION AUBK
3 BANGKOK BANK PLC BKPH
4 BANK OF AMERICA BAPH
5 BANK OF CHINA BCPH
6 BANK OF COMMERCE BKCP
7 BANK OF THE PHILIPPINE ISLANDS BPIM
8 BANK OF TOKYO MITSUBISHI TMPH
9 BDO PRIVATE BANK INC. PBDO
10 CTBC BANK (PHILIPPINES) CORP. CCBM
11 BDO UNIBANK, INC. BDOP
12 CATHAY UNITED BANK CUBP
13 CHINA BANKING CORPORATION CBCM
14 CITIBANK, N.A. CIPH
15 CTBC BANK (PHILIPPINES) CORP. CCBM
16 DEUTSCHE BANK AG, MANILA BRANCH DBPH
17 DEVELOPMENT BANK OF THE PHILIPPINES DEVP
18 EAST WEST BANKING CORPORATION EWBM
19 THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITED HBPH
20 ING BANK N.V., MANILA BRANCH INGU
21 JP MORGAN CHASE BANK, N.A. MANILA BRANCH JPPH
22 LAND BANK OF THE PHILIPPINES LBPH
23 MAYBANK PHILIPPINES, INC. MBBP
24 MEGA INTERNATIONAL COMMERCIAL BANK MECB
25 METROPOLITAN BANK & TRUST COMPANY MBML
26 MIZUHO BANK MIZM
27 PHILIPPINE BANK OF COMMUNICATIONS PBCP
28 PHILIPPINE NATIONAL BANK PNBM
29 PHILIPPINE TRUST COMPANY PTCB
30 PHILIPPINE VETERANS BANK PVBM
31 RIZAL COMMERCIAL BANKING CORPORATION RCBZ
32 ROBINSONS BANK CORPORATION ROBI
33 SECURITY BANK CORPORATION SBMN
34 SHINHAN BANK SHPH
35 STANDARD CHARTERED BANK SCML
36 SUMITOMO MITSUI BANKING CORP SMPH
37 UNION BANK OF THE PHILIPPINES UBPH
38 UNITED COCONUT PLANTERS BANK UCPB
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.