Treasurer Says Philippine Central Bank Hold May Calm Bond Market

The Philippine central bank’s decision to hold off raising interest rates on Thursday may help stabilize the government bond market after yields surged since the start of the Iran war, the country’s national treasurer said.

“Our recent auctions have been very weak, with bids 20-to-50 basis points wider than the secondary level,” National Treasurer Sharon Almanza told investment bankers and traders at a Philippine Dealing System event late Thursday. “I hope that it will stabilize, or at least calm, the market,” she said, referring to the central bank’s decision.