Philippines weighs options for replacing swaps benchmark

Industry group identifies two alternatives but overnight rates are off the table. For now.


The Philippines is evaluating two options for replacing the local market’s swaps benchmark, which is set to end with the cessation of US dollar Libor in mid-2023. But an overnight risk-free rate (RFR) is not among those under consideration.

The Philippine interbank reference rate (PHIREF) is the current benchmark for the floating legs of Philippine peso interest rate swaps. Like rates in jurisdictions such as Singapore, PHIREF has an embedded US dollar Libor reference, but with that benchmark

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