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Philippine bond market contracts in Q4 2025 amid reduced BSP issuances

The Philippine bond market contracted by 0.7% in the fourth quarter of 2025, shrinking to $233 billion due to reduced central bank securities issuances after the BSP discontinued its 56-day securities program. Despite year-on-year growth of 6%, the Philippines was the only bond market in Emerging East Asia to record a quarterly decline, with overall bond issuances dropping 39.8% in Q4 2025.