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Philippine - Waseda University

ASEAN+3 bond market Guide | Volume 1 | Part 2 Philippine bond market Guide Section 8: Philippines bond market GuideiiiASEAN+3 bond market Guide | Volume 1 | Part 2 ContentsAcknowledgement ..viiI. Structure, Type, and Characteristics of the bond market ..1A. Overview of the market ..1B. Types of Securities ..1C. Methods of Issuing Bonds by Type of Securities ..2D. Credit Rating of Bonds ..4E. Credit Rating Agencies ..4F. bond -Related Systems for Investor Protection ..5G. Listing of Securities ..6H. Transfer of Interests in Bonds ..6I. Governing Laws on bond Definition of Securities ..9K. Self-Governing Rules of the market ..10L. Bankruptcy Procedures ..11M. Meeting of Bondholders ..13N. Event of Default ..13O. Marketplace or Facilities Involved in bond Issuance and Main Participants in the market .

ASEAN+3 Bond Market Guide | Volume 1 | Part 2 Philippine Bond Market Guide

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1 ASEAN+3 bond market Guide | Volume 1 | Part 2 Philippine bond market Guide Section 8: Philippines bond market GuideiiiASEAN+3 bond market Guide | Volume 1 | Part 2 ContentsAcknowledgement ..viiI. Structure, Type, and Characteristics of the bond market ..1A. Overview of the market ..1B. Types of Securities ..1C. Methods of Issuing Bonds by Type of Securities ..2D. Credit Rating of Bonds ..4E. Credit Rating Agencies ..4F. bond -Related Systems for Investor Protection ..5G. Listing of Securities ..6H. Transfer of Interests in Bonds ..6I. Governing Laws on bond Definition of Securities ..9K. Self-Governing Rules of the market ..10L. Bankruptcy Procedures ..11M. Meeting of Bondholders ..13N. Event of Default ..13O. Marketplace or Facilities Involved in bond Issuance and Main Participants in the market .

2 17Q. Securities market Professionals ..20II. Primary and Secondary market Regulatory Frameworks ..22A. Philippine market Regulatory Structure ..22B. Regulation of the Philippine Securities Markets ..23C. Rules and Regulations on Issuing Debt Instruments ..24D. Rules and Regulations on Buying Debt Instruments and Investment in Debt Securities ..34E. Investor Protection ..37F. Regulatory Reporting Requirements ..38G. Reporting Requirements for Cross-Border Deal ..44H. Reporting Requirements for Foreign Currency-Denominated 8: Philippines bond market GuideASEAN+3 bond market Guide | Volume 1 | Part 2ivIII. Trading of Bonds and Trading market Infrastructure ..45A..45B. bond Repurchase market ..46C. Secondary market Yields and Transparency in bond Pricing.

3 47D. bond Settlement Infrastructure Diagram (PH:T+3) ..48E. bond Transaction Flow Charts ..49F. Over-the-Counter bond Transaction Flow for Foreign Investors ..51IV. Possible Impediments and Restrictions ..54A..54B. Disclosure and Investor Protection Rules for Issuers ..55C. Underwriting Rules for Financial Impediments for Timely Issuance (Suspension Period, Disclosure Requirements, and Others) ..56E. Restriction on Investors (Qualified Institutional Investors and Private Placement) ..56F. Registration Requirements for Foreign Investors ..57G. Reporting Requirements (Non-Resident Trade Report, Foreign Currency-Denominated Instruments and Others) ..57H. Non-Resident Requirements (Identification Requirement, Restricted Stocks and Others).

4 58I. Restrictions on Over-the-Counter Transactions by Residents and Non-Residents ..58J. Regulations on the Credit Rating System ..58K. Utilization of Shelf-Registration System or Medium-Term Notes ..58L. Availability of Information in English ..59M. Restrictions in Accounting Standard ..59N. Limited Opportunities to Utilize bond Holdings and the Repo market ..59O. Degree of Lack of Liquidity in the Secondary market ..59P. Trade Pre-Matched via Telephone between Custodians for Foreign Institutional Investor ..60V. Description of the Securities Settlement System ..61A. Legal Definition of Debt Instruments ..61B. Securities Settlement Infrastructure ..61VI. Cost and Charging Methods ..65A. Average Issuing Costs for Corporate Bonds and Commercial Papers.

5 65B. Average Ongoing Costs for Corporate Bonds and Commercial Papers ..67 VII. market Size and Statistics ..69A. market Size ..69B. Size of Local Currency bond market in Percentage of Gross Domestic Product ..71C. Size of Foreign Currency bond market in Percentage of Gross Domestic Product (BIS) ..72D. Size of Foreign Currency bond market in US Dollars (Local Sources) ..73E. Domestic Financing Profile ..74F. Trading Volume ..75 VIII. Presence of an Islamic Finance (Sukuk) market ..76IX. History of Debt market Development ..77A. Total Outstanding Amount of Domestic Government Securities ..77B. Historical PDEx Trading Volume in Government Securities and Corporate Bonds ..77C. Major Events that Trigger market Growth ..78 Section 8: Philippines bond market GuideASEAN+3 bond market Guide | Volume 1 | Part 2 ASEAN+3 bond market Guide | Volume 1 | Part 2vX.

6 Next Step Future Direction ..80A. bond market Liquidity Enhancement ..80B. Development of Private Debt Issue Markets ..82C. Institutionalization of Hedge and Protection Markets ..82D. Strengthening Clearing and Risk Management Securities and Currencies ..82E. Regional Cooperation ..83F. Group of 30 Compliance ..84G. Group of Experts (GoE) Barrier Report market Assessment Philippines (April/2010) ..85 References: ..88 Boxes, Figures, and Tables BoxesBox Contents of the Chapters and the Sections items of the Securities Regulation Code ..7 Box Extract from a Prospectus of Corporate Bonds on Meeting of Bondholders ..13 Box Extract from a Prospectus of Corporate Bonds on an Event of Default ..14 FiguresFigure bond Settlement Infrastructure Diagram.

7 48 Figure bond Transaction Flow for Domestic Trades Government Securities Eligible Dealers market /Delivery Versus Payment ..49 Figure bond Transaction Flow for Domestic Trades Non-Government Securities Eligible Dealers market /Delivery Versus Payment ..51 Figure bond Transaction Flow for Foreign Investors Over-the-Counter market /Delivery Versus Payment ..52 Figure Settlement Process for Government bond Trades Where Both Parties Are Government Securities Eligible Dealers ..63 Figure Settlement Process for All Corporate bond Trades and Government bond Trades Where One or Both Parties Are Not Government Securities Eligible Dealers ..64 Figure Government Securities Primary versus Secondary market Trading Volume (PHP trillion).

8 71 TablesTable Extract on Exemption from Disclosure Requirements-Related Descriptions from the Securities Regulation Code ..24 Table Securities Regulation Code Chapter V: Reportorial Requirements ..38 Table Securities Regulation Code Rule Reportorial Requirements (Signed Version and Draft Version) ..40 Table Philippine Dealing Exchange Inter-Professional Repurchase Agreements (IP-Repo) Trading Volume (PHP billions) ..47 Table Registration Statement Filing Fee ..65 Table Fees to Underwriters or Selling Agent ..66 Table Trustee Fees ..66 Table Other Fees ..67 Table Broker s Commissions ..68 Table Private Registry Transfer Fees ..68 Table Capital market (Direct Financing) versus Bank Loans (Indirect Financing) (PHP billion).

9 69 ASEAN+3 bond market Guide | Volume 1 | Part 2 Section 8: Philippines bond market GuideASEAN+3 bond market Guide | Volume 1 | Part 2viTable Fixed-Income Instruments per Issuer Type and Outstanding Amount (PHP billion) ..69 Table Bonds and Corporate Papers Issued by Corporations Registered under the Securities and Exchange Commission ..70 Table Domestic Financing versus International Financing (PHP billion) ..71 Table Size of Local Currency bond market , Percentage Gross Domestic Product (Local Sources) (USD billion) ..71 Table Foreign Currency Bonds to Gross Domestic Product Ratio (USD billion) ..72 Table Foreign Currency Bonds Outstanding (Local Sources) (USD billion) ..73 Table Domestic Financing Profile (USD billion).

10 74 Table Trading Volume (USD billion) ..75 Table Total Outstanding Amount of Domestic Government Securities (PHP billion)..77 Table Trading Volume in Government Securities and Corporate Bonds, 2005 2010 ..77 Table Group of Thirty Compliance ..84 Table Summary of Barriers market Assessment Philippines (April 2010)..85 Section 8: Philippines bond market GuideviiASEAN+3 bond market Guide | Volume 1 | Part 2 ASEAN+3 bond market Guide | Volume 1 | Part 2 ASEAN+3 bond market Guide | Volume 1 | Part 2 AcknowledgementThe Asian Development Bank (ADB) Team, comprising Satoru Yamadera (Economist, ADB Office of Regional Economic Integration, - September 2011), Seung Jae Lee (Principal Financial Sector Specialist), Shinji Kawai (Senior Financial Sector Specialist, Banking), Shigehito Inukai (ADB consultant), Taiji Inui (ADB consultant), and Matthias Schmidt (ADB consultant), The ADB Team would also like to express our sincere gratitude to the Philippine Working Group (PWG).


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