{
  "id": 15235489,
  "title": "Expanding bond market access for Philippines businesses",
  "url": "https://urgent.news/2026/10/17/expanding-bond-market-access-for-philippines-businesses",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-10-17T16:00:00.000Z",
  "source": {
    "name": "Philippine Star Business",
    "slug": "philippine-star-business",
    "url": "https://www.philstar.com/business/2026/10/18/2563881/expanding-bond-market-access-philippines-businesses"
  },
  "original_language": "en",
  "account": "For companies seeking financing to grow, issuing bonds involves asking investors to trust they can fulfill their obligations: pay scheduled interest and repay the debt when due. Investors must decide how much confidence to place in that promise, especially for smaller businesses or those new to the bond market. Bridging the gap in information is key to encouraging more Philippine companies to participate in the domestic debt market, according to Wendy Cheong, managing director and regional head of Asia Pacific at Moody's Ratings. In an interview with The STAR, Cheong explained that credit analysis, stronger market infrastructure, and broader investor participation could help create a market capable of meeting the country's financing needs. She highlighted that smaller companies and first-time bond issuers often require investor confidence, transparency, and effective communication of credit risk. Independent credit ratings play a crucial role by providing an assessment of a borrower's credit profile, which can help investors make informed decisions despite the ratings not guaranteeing repayment. As the domestic bond market evolves, these ratings can reduce information gaps by offering consistent and transparent credit risk assessments, aiding issuers in effectively communicating their credit profiles and helping investors make better decisions. Moody's is enhancing its role in this process through its investment in Philippine Rating Services Corp. (PhilRatings), acquiring a 19.99% stake in September and becoming the sixth domestic credit rating agency in its Asia-Pacific network. Over the next 12 to 24 months, Moody's aims to share analytical knowledge, engage with industry participants, and support PhilRatings' strengthening of its analysis, processes, and staff capabilities. While Moody's did not specify a reduction in borrowing costs or a target number of new bond issuers, it emphasized the broader need for capital in the Philippines. The country plans to invest over $100 billion in infrastructure over the next three years under the Philippine Development Plan 2023 to 2028, with funding sourced from government budgets, bank lending, public-private partnerships, and capital markets. Cheong identified several priorities for improving market accessibility, liquidity, and price discovery, including strengthening the government securities repurchase market, developing a benchmark yield curve, and reducing tax and operational barriers. She also noted that expanding investor participation and regulating credit rating agencies to align with international standards while reflecting the market's size and stage of development are essential. Better information on credit risks and clearer market pricing could make the bond market more accessible, facilitating financing opportunities for more Philippine businesses.",
  "summary": "For a company seeking money to expand, issuing bonds means asking investors to believe it can keep a promise: pay interest on schedule and return their money when the debt falls due.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}