The iBoxx ABF Philippines is designed to measure the performance of PHP-denominated sovereign and sub-sovereign debt in the Philippines. The index includes bonds with minimum amounts outstanding of PHP 5 billion for sovereign bonds, PHP 3 billion for sub-sovereign bonds and PHP 2.5 billion for green sub-sovereign bonds. Bonds must have a minimum initial time to maturity of 18 months at issuance and a remaining time to maturity of at least one year at rebalancing. While domestic central government debt does not require ratings, sub-sovereign bonds must be investment grade. Unrated bonds from investment grade markets are eligible if they are government guaranteed or from qualifying financial agencies. The bonds must be domestic and tradable in the local market, excluding offshore currency bonds.