The Philippines plans to change the way it prices local-currency bonds by removing the impact of withholding tax, a shift that may saddle some existing investors in the nation’s $230 billion market with losses, according to people familiar with the matter.
Source: [Bloomberg Markets](https://www.bloomberg.com/news/articles/2026-07-31/philippines-to-revamp-bond-pricing-ahead-of-jpm-index-inclusion)