Philippines government bonds
Philippines's bonds as US funds mark them in their filings (SEC Form N-PORT), by currency. Fund marks as of Jul 2026; they lag the market by about two months.
By currency
| Bonds | Measured against | Count | Spread | 10-year spread | Priced-in 5y odds | 1-month change | Median yield | Held by US funds |
|---|---|---|---|---|---|---|---|---|
| USD Emerging markets, US-dollar bonds | vs US Treasuries | 36 | 100 bp | 101 bp | 8.0% | +20 bp | 5.53% | $1.22B |
| PHP Own-currency bonds | own currency: yield only, no default number | 12 | — | — | — | — | 7.36% | $155.6M |
| EUR Euro bonds of non-euro countries | vs German Bunds | 5 | 113 bp | — | 9.0% | -1 bp | 4.15% | $148.7M |
| JPY Other foreign-currency bonds | own currency: yield only, no default number | 2 | — | — | — | — | — | $14.9M |
Priced-in odds = spread ÷ (1 − 40% recovery) over five years; it includes a risk premium and overstates actual defaults. Own-currency bonds get a yield and no odds: a government can print its own currency.
USD spread history
Median spread vs US Treasuries, month-ends with complete filings. Fund-reported.
EUR spread history
Median spread vs German Bunds, month-ends with complete filings. Fund-reported.
Philippines's EUR curve
Yield to maturity of each EUR bond US funds hold (5 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Philippines's PHP curve
Yield to maturity of each PHP bond US funds hold (15 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Philippines's USD curve
Yield to maturity of each USD bond US funds hold (39 bonds, government and government-related issuers, index-linked excluded), Jul 2026 fund marks. Hover a point for the bond.
Who holds Philippines's debt
Fund series holding Philippines's government and government-related bonds in their latest quarterly report: 281 now, 264 a quarter earlier. Names as reported in the filings.
| Fund series | Report | Bonds | Face value | Value |
|---|---|---|---|---|
| VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 36 | $594.8M | $560.5M |
| VANGUARD TOTAL BOND MARKET II INDEX FUND | 2026-06-30 | 36 | $577.3M | $539.4M |
| iShares J.P. Morgan USD Emerging Markets Bond ETF | 2026-07-31 | 27 | $547.9M | $496.6M |
| BlackRock Strategic Income Opportunities Portfolio | 2026-06-30 | 5 | $16.15B | $256.9M |
| VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND | 2026-07-31 | 37 | $224.4M | $205.9M |
| VANGUARD INTERMEDIATE-TERM INVESTMENT-GRADE FUND | 2026-07-31 | 5 | $194.1M | $195.6M |
| iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 35 | $192.8M | $179.7M |
| VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 13 | $128.6M | $128.7M |
| Fidelity U.S. Bond Index Fund | 2026-05-31 | 8 | $111.2M | $102.2M |
| TCW Emerging Markets Income Fund | 2026-07-31 | 5 | $102.3M | $95.3M |
| State Street(R) SPDR(R) Bloomberg Emerging Markets Local Bond ETF | 2026-06-30 | 34 | $5.79B | $91.6M |
| VANGUARD EMERGING MARKETS BOND FUND | 2026-06-30 | 5 | $85.6M | $86.5M |
| American Funds Emerging Markets Bond Fund | 2026-06-30 | 13 | $2.63B | $80.0M |
| VANGUARD SHORT-TERM BOND INDEX FUND | 2026-06-30 | 8 | $67.7M | $70.5M |
| Emerging Markets Debt Fund | 2026-05-31 | 4 | $2.70B | $51.0M |
| iShares Core Universal USD Bond ETF | 2026-07-31 | 38 | $53.9M | $49.5M |
| American Funds Multi-Sector Income Fund | 2026-06-30 | 3 | $51.5M | $48.0M |
| New World Fund Inc | 2026-07-31 | 6 | $1.79B | $47.3M |
| Fidelity Series Bond Index Fund | 2026-05-31 | 14 | $49.0M | $46.3M |
| iShares Flexible Income Active ETF | 2026-07-31 | 3 | $2.74B | $46.3M |
ETFs holding Philippines's bonds
From each ETF's own latest N-PORT report, as a share of its net assets. A holdings list, not a recommendation.
| ETF | Report | Bonds | Value | % of net assets |
|---|---|---|---|---|
| BND VANGUARD TOTAL BOND MARKET INDEX FUND | 2026-06-30 | 36 | $560.5M | 0.14% |
| EMB iShares J.P. Morgan USD Emerging Markets Bond ETF | 2026-07-31 | 27 | $496.6M | 3.40% |
| VWOB VANGUARD EMERGING MARKETS GOVERNMENT BOND INDEX FUND | 2026-07-31 | 37 | $205.9M | 3.08% |
| AGG iShares Core U.S. Aggregate Bond ETF | 2026-05-31 | 35 | $179.7M | 0.13% |
| BIV VANGUARD INTERMEDIATE-TERM BOND INDEX FUND | 2026-06-30 | 13 | $128.7M | 0.25% |
| EBND State Street(R) SPDR(R) Bloomberg Emerging Markets Local Bond ETF | 2026-06-30 | 34 | $91.6M | 4.05% |
| BSV VANGUARD SHORT-TERM BOND INDEX FUND | 2026-06-30 | 8 | $70.5M | 0.10% |
| IUSB iShares Core Universal USD Bond ETF | 2026-07-31 | 38 | $49.5M | 0.12% |
| PCY Invesco Emerging Markets Sovereign Debt ETF | 2026-07-31 | 3 | $37.8M | 2.73% |
| BNDX VANGUARD TOTAL INTERNATIONAL BOND INDEX FUND | 2026-07-31 | 2 | $35.6M | 0.03% |
| BLV VANGUARD LONG-TERM BOND INDEX FUND | 2026-06-30 | 14 | $24.0M | 0.28% |
| XEMD BondBloxx JP Morgan USD Emerging Markets 1-10 Year Bond ETF | 2026-07-31 | 15 | $23.0M | 2.73% |
| SCHZ Schwab U.S. Aggregate Bond ETF | 2026-06-30 | 32 | $13.8M | 0.13% |
| VCRB VANGUARD CORE BOND ETF | 2026-06-30 | 7 | $13.1M | 0.18% |
| SPAB State Street(R) SPDR(R) Portfolio Aggregate Bond ETF | 2026-06-30 | 27 | $12.3M | 0.13% |
Sources: fund holdings and fund-reported marks from SEC Form N-PORT (published about 60 days after each month-end); 13F filings; House and Senate periodic transaction reports and OGE Form 278-T; Treasury yields from FRED. Findings from filings, not advice. How each number is computed.