Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

Bloomberg Customers

Philippine Bonds Gain Most in Two Weeks on Record Tax Collection

Philippine 19-year sovereign bonds gained the most in two weeks after the government reported record tax receipts for this year, boosting optimism that debt supply will drop in 2013. The peso fell.

President Benigno Aquino signed a law today that will raise taxes on cigarettes and alcohol, which Finance Secretary Cesar Purisima said will generate an additional 34 billion pesos ($828 million) in 2013. The Bureau of Internal Revenue collected 1 trillion pesos this year, compared with a target of 1.07 trillion pesos, according to a statement.

“The announcement on the tax collections was pretty positive,” said Lito Mercado, head of trading at Rizal Commercial Banking Corp. in Manila. “The feeling is that the authorities will borrow less with all the tax initiatives of the government. So players would like to position now instead of early next year.”

The yield on the government’s 8 percent notes due July 2031 fell five basis points, or 0.05 percentage point, to 5.54 percent as of 4:10 p.m. in Manila, according to prices from Tradition Financial Services. That was the biggest drop since Dec. 4. The rate has declined 63 basis points this year.

The peso traded at 41.073 per dollar in Manila, compared with 41.038 yesterday, according to Tullett Prebon Plc. It has advanced 6.7 percent this year, the second-best performance among Asian currencies after the South Korean won.

One-month implied volatility, a measure of expected moves in the exchange rate used to price options, was unchanged at 4.4 percent. It fell 335 basis points this year.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.