The Philippines is poised to be included in JPMorgan's Government Bond Index–Emerging Markets (GBI-EM) starting January 2027, a milestone expected to lure more foreign investment into the country's debt market.
According to a Reuters report, peso-denominated government bonds will be added to the widely followed index, which tracks local-currency sovereign debt across 19 emerging markets. Nine eligible Philippine bonds, worth a combined $49 billion, are under consideration, giving the country an estimated weight of 1.78% in the index.
The inclusion comes seven months after Philippine securities were placed on "positive watch" by JPMorgan. Global fund managers closely monitor the GBI-EM, and the move is expected to bring in fresh capital, improve market liquidity, and reduce government borrowing costs.