On Wednesday, June 21, Bangko Sentral ng Pilipinas (BSP) Governor Felipe M. Medalla announced that the BSP will peg an overnight (ON) rate as a reference rate to replace LIBOR, which expires on June 30. | ManilaBulletin
Bangko Sentral ng Pilipinas Governor Felipe M. Medalla announced on Wednesday, June 21, that the BSP will peg an overnight rate as reference rate to replace the London Interbank Offered Rate which will expire on June 30.
“While there are several tasks that need to be undertaken, it was agreed at the end of the townhall discussion that the start of January 2024 will be our ‘fighting target’ to have a credible yield curve in place,” he told reporters in a press chat Wednesday. The ON reference rate will take effect on or before June 30, in time for the global deadline on the cessation of LIBOR.
The BSP and market participants such as banks have a long journey ahead in establishing a credible yield curve to guide money market prices which will affect stocks and bonds.
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