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BAP Spot USD/PHP Today Previous
DateSeptember 18, 2020September 17, 2020
Open Time09:00:3009:00:34
Open48.4648.435
High48.4648.53
Low48.36548.4
Close48.39548.51
BAP AM Weighted Average48.41648.445
AM Volume575.74545.9
BAP PM Weighted Average48.39548.485
PM Volume256.8165
BAP Weighted Average48.4148.454
Total Volume832.54710.9
FX Settlement Rate48.41648.445
Updates every 15 minutes (September 19, 2020 12:49:pm)

Foreign Exchange Summary

View Disclaimer | View Historical Data
1 US Dollar equals

48.395 Philippine Peso

USD
PHP
Chart of exchange rate values over time

Dollar - Peso Spot Rate

Closing as of Today

 

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BAP FX Historical Data

 

Updated PHP BVAL Reference Rates can be accessed here.

PHP BVAL Reference Rates

 
TERMPHIREF
11:30
PHIREF
16:00
TOTAL VOLUME
ON PHIREF1.9511.951337
SW PHIREF2.0152.15240
1M PHIREF2.0432.043
2M PHIREF2.0532.053
3M PHIREF2.112.11
6M PHIREF2.082.08
1Y PHIREF2.1492.149

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
1ANZANZP
2ASIA UNITED BANK CORPORATIONAUBK
3BANGKOK BANK PLCBKPH
4BANK OF AMERICABAPH
5BANK OF CHINABCPH
6BANK OF COMMERCEBKCP
7BANK OF THE PHILIPPINE ISLANDSBPIM
8BANK OF TOKYO MITSUBISHITMPH
9BDO PRIVATE BANK INC.PBDO
10CTBC BANK (PHILIPPINES) CORP.CCBM
11BDO UNIBANK, INC.BDOP
12CATHAY UNITED BANKCUBP
13CHINA BANKING CORPORATIONCBCM
14CITIBANK, N.A.CIPH
15CTBC BANK (PHILIPPINES) CORP.CCBM
16DEUTSCHE BANK AG, MANILA BRANCHDBPH
17DEVELOPMENT BANK OF THE PHILIPPINESDEVP
18EAST WEST BANKING CORPORATIONEWBM
19THE HONGKONG & SHANGHAI BANKING CORPORATION LIMITEDHBPH
20ING BANK N.V., MANILA BRANCHINGU
21JP MORGAN CHASE BANK, N.A. MANILA BRANCHJPPH
22LAND BANK OF THE PHILIPPINESLBPH
23MAYBANK PHILIPPINES, INC.MBBP
24MEGA INTERNATIONAL COMMERCIAL BANKMECB
25METROPOLITAN BANK & TRUST COMPANYMBML
26MIZUHO BANKMIZM
27PHILIPPINE BANK OF COMMUNICATIONSPBCP
28PHILIPPINE NATIONAL BANKPNBM
29PHILIPPINE TRUST COMPANYPTCB
30PHILIPPINE VETERANS BANKPVBM
31RIZAL COMMERCIAL BANKING CORPORATIONRCBZ
32ROBINSONS BANK CORPORATIONROBI
33SECURITY BANK CORPORATIONSBMN
34SHINHAN BANKSHPH
35STANDARD CHARTERED BANKSCML
36SUMITOMO MITSUI BANKING CORPSMPH
37UNION BANK OF THE PHILIPPINESUBPH
38UNITED COCONUT PLANTERS BANKUCPB
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.