Philippine central bank (BSP) governor Felipe Medalla announced that the market accepted their proposal to establish an overnight rate by or before June 30 as the LIBOR concludes. The bank is concurrently working to implement a “credible yield curve” by January 2024. This overnight rate, to be used as a benchmark for various transactions, will be derived by converting the 28-day bill rate of the bank into its overnight rate equivalent. The bank has discussed with market stakeholders the need for a reliable yield curve, which should emerge from the active trading of marketable securities, offer yields for various tenors, and be usable and replicable as required.