MANILA, June 25 (Xinhua) -- The Philippines' local currency bond market expanded 6.9 percent quarter-on-quarter in the first quarter of 2020 to reach 140.2 billion U.S. dollars, which is a strong rebound from a decline in the previous quarter, said the Asian Development Bank's (ADB) Asia Bond Monitor released on Thursday.

Citing data from its new report, the ADB said year-on-year, the country's local currency bond market also grew 7.9 percent.

The ADB said government bonds continue to comprise the majority of the Philippine local currency bond market, accounting for 77.8 percent of total bond stock equivalent to 109 billion U.S. dollars at the end of March.

"This is a 7.5 percent growth from the previous quarter as a result of the Bureau of the Treasury's enlarged borrowing plan from the local market in the first quarter of 2020," the Manila-based bank said.

It added that corporate bonds, meanwhile, accounted for 22.2 percent of the Philippines' total bond stock to reach 31.2 billion U.S. dollars at the end of March. Enditem

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