根据 Ditas B. Lopez 的报道，菲律宾将从明年起采用国际通用的债券定价规则来定价以比索计价的政府债券。政府表示，这一改革将吸引更多投资者参与债券市场，并有助于降低其借贷成本。
By Ditas B Lopez The Philippines will adopt international pricing conventions for peso-denominated government bonds effective next year, a shift it says should attract more participants and help lower its borrowing costs. Starting Jan. 4, the government will exclude the impact of withholding tax in the way it prices local-currency bonds.
从 1 月 4 日起，政府在定价本地货币债券时将不再考虑预扣税的影响。排除预扣税的影响有助于债券收益率更准确地反映市场实际情况，使菲律宾债券的定价与国际基准更加一致（在国际市场上，债券收益率通常是在扣除投资者所需缴纳的税款之前的数值）。
Excluding the impact of withholding tax allows bond yields to better reflect underlying market conditions and makes pricing more comparable with international benchmarks, where yields are typically quoted before investor-specific taxes. It comes ahead of the planned move by JPMorgan Chase & Co. to add the nation’s locally denominated debt to its widely followed emerging-market bond index.
这一举措早于摩根大通（JPMorgan Chase & Co.）计划将该国的本地货币债券纳入其广为关注的新兴市场债券指数的时间表。
Adopting more commonly used market practices will attract additional foreign participants to local bonds and eventually allow the government to borrow more efficiently and at lower rates, according to an interagency joint statement on Friday.
根据周五发布的政府联合声明，采用更普遍的市场定价惯例将吸引更多外国投资者购买菲律宾债券，从而帮助政府更高效地筹集资金，并降低借贷成本。不过，声明中也指出，由于这一变化，部分投资者的债券结算价值计算方式可能会发生变化。
Due to the shift, however, some investors may see changes in the computation of bonds’ settlement value, it said. At present, bond prices in the Philippines include a 20% withholding tax because the levy is collected at settlement.
目前，菲律宾的债券价格中包含了 20% 的预扣税（该税款在债券结算时被收取）。声明称，政府在定价债券时将不再将预扣税因素纳入计算，但投资者的税收义务保持不变。
The government will exclude the tax on premiums or discounts from bond pricing, but tax obligations will remain the same, the statement said. Officials are optimistic the reform will boost the country’s debt capital market.
官员们对这项改革能够提振菲律宾的债务资本市场持乐观态度。中央银行行长 Eli Remolona 表示：“一个更加成熟、流动性更强的资本市场能够提供更多的投资机会，同时为企业提供更多融资渠道。一个更加活跃的债券市场能够补充银行信贷，从而增强菲律宾金融市场的韧性。”所有相关的法规和系统应在 2026 年底前到位。此次改革不会改变债券的合同条款，投资者仍将在债券到期时按时收到约定的利息和本金。
“A deeper and more liquid capital market provides more investment opportunities while giving businesses additional ways to raise funds,” Central Bank Governor Eli Remolona said. “A more robust bond market complements bank credit and helps make the Philippine financial market and economy more resilient.”All relevant regulations and systems should be in place before end-2026. The transition won’t alter the contractual terms of the bonds, and investors will continue to receive the scheduled interest payments and principal at maturity.
“遵循国际标准将有助于菲律宾在日益一体化的全球金融体系中吸引更多的投资资金，”财政部长弗雷德里克·戈（Frederick Go）表示。
“Aligning with international standards makes it easier for the Philippines to compete for capital in an increasingly integrated global financial system,” Finance Secretary Frederick Go said.