This report recommends some strategies to promote greater issuance and acceptance of municipal bonds in four Developing Member Countries across Asia: India, Viet Nam, the Philippines, and Indonesia.  All four countries have a significant number of large population centers with sizable infrastructure needs, an adequate legal and regulatory framework for issuing and servicing municipal bonds (referred to herein as the internal ecosystem for municipal bonds), and a developing bond market infrastructure, including regulatory frameworks for bond issuance, financial disclosure, public debt ratings, as well as stock exchanges for the listing and trading of bonds (referred to herein as the external ecosystem for municipal bonds).