Philippine Government Bond Yields (USD)
Fitted spot curve as of 2026-07-27
https://bondscovery.com/yield-curve/usd-government-philippines-philippines
Philippine Government Bond Yields (USD) as of 2026-07-27: 10Y at 5.62%, fitted curve 9M–25Y (4.49%–6.14%), 32 bonds. Live chart, constituents and forward rates on bondScovery.
| Maturity | Fitted yield | Forward rate |
|---|---|---|
| 9M | 4.49% | — |
| 12M | 4.53% | 4.62% |
| 18M | 4.59% | 4.72% |
| 2Y | 4.65% | 4.85% |
| 4Y | 4.92% | 5.19% |
| 5Y | 5.05% | 5.59% |
| 6Y | 5.18% | 5.83% |
| 7Y | 5.30% | 6.04% |
| 8Y | 5.42% | 6.22% |
| 9Y | 5.52% | 6.36% |
| 10Y | 5.62% | 6.47% |
| 15Y | 5.94% | 6.59% |
| 20Y | 6.08% | 6.52% |
| 25Y | 6.14% | 6.37% |
2Y, 10Y and the 10Y−2Y spread over time
The 2-year yield is 4.65% and the 10-year 5.62%, a 10Y−2Y spread of +96 bp — positively sloped — as of 2026-07-27. The chart and table below track how they have moved.
Fitted 2Y and 10Y yields and their spread, sampled one build date per month. See all inverted curves today →
| Tenor | Latest2026-07-27 | 1m ago2026-06-26 | 2m ago2026-05-28 | 3m ago2026-04-28 | 4m ago2026-03-30 | 5m ago2026-02-27 | 6m ago2026-01-28 |
|---|---|---|---|---|---|---|---|
| 2Y | 4.65% | 4.46% | 4.49% | 4.26% | 4.58% | 4.01% | — |
| 10Y | 5.62% | 5.30% | 5.53% | 5.25% | 5.42% | 4.92% | 4.99% |
| 10Y − 2Y | +96 bp | +84 bp | +103 bp | +99 bp | +84 bp | +91 bp | — |
Bonds in this curve
A selection of 30 of the 33 bonds behind this curve, spread across maturities.
| Issuer | Yield | Maturity | Coupon | ISIN |
|---|---|---|---|---|
| Philippines | 4.67% | 2027-03-29 | 3.23% | US718286CQ83 |
| Philippines | 4.54% | 2027-10-13 | 5.17% | US718286CV78 |
| Philippines | 4.30% | 2028-02-01 | 3.00% | US718286CC97 |
| Philippines | 4.66% | 2028-07-17 | 4.62% | US718286CY18 |
| Philippines | 4.86% | 2030-02-02 | 9.50% | US718286AY36 |
| Philippines | 4.89% | 2030-03-05 | 4.38% | US718286DE45 |
| Philippines | 4.95% | 2030-05-05 | 2.46% | US718286CJ41 |
| Philippines | 4.98% | 2031-01-14 | 7.75% | US718286BB24 |
| Philippines | 5.08% | 2031-06-10 | 1.65% | US718286CK14 |
| Philippines | 4.99% | 2031-07-27 | 4.25% | US718286DJ32 |
| Philippines | 5.07% | 2032-01-06 | 1.95% | US718286CN52 |
| Philippines | 5.08% | 2032-01-15 | 6.38% | US718286BD89 |
| Philippines | 5.16% | 2032-09-29 | 3.56% | US718286CR66 |
| Philippines | 5.31% | 2033-04-13 | 5.61% | US718286CT23 |
| Philippines | 5.28% | 2033-07-17 | 5.00% | US718286CW51 |
| Philippines | 5.49% | 2034-10-23 | 6.38% | US718286BG11 |
| Philippines | 5.52% | 2035-02-04 | 5.50% | US718286DG92 |
| Philippines | 5.51% | 2035-03-05 | 4.75% | US718286DC88 |
| Philippines | 5.60% | 2036-01-27 | 5.00% | US718286DK05 |
| Philippines | 5.62% | 2037-01-13 | 5.00% | US718286BW60 |
| Philippines | 5.82% | 2040-01-20 | 3.95% | US718286BZ91 |
| Philippines | 5.82% | 2041-03-01 | 3.70% | US718286CA32 |
| Philippines | 5.99% | 2042-02-02 | 3.70% | US718286CB15 |
| Philippines | 6.12% | 2045-05-05 | 2.95% | US718286CH84 |
| Philippines | 6.17% | 2045-12-10 | 2.65% | US718286CL96 |
| Philippines | 6.15% | 2046-07-06 | 3.20% | US718286CP01 |
| Philippines | 5.89% | 2047-03-29 | 4.20% | USY6972HLP91 |
| Philippines | 6.11% | 2049-09-05 | 5.17% | US718286DD61 |
| Philippines | 6.11% | 2050-02-04 | 5.90% | US718286DH75 |
| Philippines | 6.11% | 2051-01-27 | 5.75% | US718286DL87 |