Philippine Bonds Still Look Pricey on All These Metrics Marcus Wong and Chester Yung, Bloomberg News Shoppers and pedestrians wear face masks while walking down a street in Manila, the Philippines, on Tuesday, July 21, 2020. Coronavirus cases in the Philippines have more than tripled since stay-home orders in the capital were lifted and most businesses were allowed to reopen starting June. Photographer: Veejay Villafranca/Bloomberg , Bloomberg (Bloomberg) -- Philippine bonds have taken a battering this year but they still look expensive on a number of metrics. Even after climbing for the past two months, the nationâs yields offer a relatively narrow spread over the central bankâs policy rate and also U.S. Treasuries, according to a Bloomberg analysis looking at historical averages. At the same time, inflation is comparatively high and the peso appears somewhat richly valued.