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Manila Bulletin devider Business devider 'No crowding out' in local debt market, says Treasury

'No crowding out' in local debt market, says Treasury

Published Sep 10, 2020 05:00 am

The Bureau of the Treasury said the government will closely coordinate with the Bangko Sentral ng Pilipinas (BSP) for the issuance of their respective debt papers.

National Treasurer Rosalia De Leon said yesterday that the local financial market is awash with cash and can accommodate the forthcoming BSP Securities offering.

“We close coordinate with the BSP on our respective issuance including segment of the curve,” De Leon told reporters when asked if the central bank’s debt issuance will affect the government’s domestic presence.

She also assured there will “no crowding out effect.”

BSP Governor Benjamin E. Diokno announced yesterday that the central bank will offer its own securities beginning September 18 as part of its initiative to shift to more market-based monetary operations.

Like the Treasury, the central bank will also sell BSP Bills and Bonds via auction.

“The auction volumes will be small at the outset, to be gradually scaled up depending on market response and consistent with liquidity forecasts,” Diokno said in a statement.

For initial offering, the central bank will auction 28-day BSP Bills with an indicative offer volume of about P20 billion "subject to confirmation two days before the actual auction date.”

“The issuance of BSP Securities is part of the operational enhancements to the IRC framework and does not represent a change in the BSP’s monetary policy stance,” Diokno said.

“The issuance of securities by the BSP will add to the existing supply of risk-free financial instruments in the banking system, which in turn could help in the development of the local bond market,” he added.

Meanwhile, the Treasury is planning to raise P160 billion this month from the domestic market.  Of that amount, the government will borrow P100 billion in Treasury bills and P60 billion via the Treasury bonds.

The September borrowing plan is lower compared with the P170 billion program for last month.

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Bangko Sentral ng Pilipinas Department of Finance
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