Business expansion in both government and corporate securities in the Philippines enabled the local bond market to become the second fastest-growing in emerging East Asia, the Asian Development Bank (ADB) said.

In its latest Asia Bond Monitor released on Wednesday, ADB said the country’s currency bond market grew by 17 percent to P6.5 billion ($125.4 million) in the first quarter of the year from P5.5 billion ($107 billion) in the same quarter of 2018.

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