MANILA—The Bureau of the Treasury (BTr) successfully awarded the complete offering of Treasury bills (T-bills) during its latest auction, amid indicators of easing inflation and increasing investor interest.
According to Philippines News Agency, the auction saw the 91-, 183-, and 364-day T-bills achieving average yields of 5.414 percent, 5.474 percent, and 5.540 percent, respectively. Michael Ricafort, chief economist at Rizal Commercial Banking Corporation, commented on the results: “The Treasury bill average auction yields corrected higher week-on-week, after the series of declines in previous weeks, despite the latest easing in the inflation data of 1.9 percent partly on higher base effects.”
The auction attracted significant interest, being 1.9 times oversubscribed with total bids reaching PHP38.5 billion, reflecting strong market confidence. This robust participation enabled the BTr to raise the intended full amount of PHP20 billion for the auction, aligning with government funding targets.