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T-bill rates down anew

By Joann Villanueva

February 15, 2021, 7:38 pm

MANILA – The rates of the Philippines treasury bills (T-bills) declined across-the-board Monday as domestic liquidity remained ample. 
 
The average rate of the 91-day paper slipped to 0.845 percent, the 182-day to 1.046 percent, and the 364-day to 1.416 percent. 
 
These were at 0.846 percent, 1.094 percent, and 1.446 percent for the three and six-month, and one-year papers during the auction last Feb. 8.
 
“Liquidity continues to overflow,” National Treasurer Rosalia de Leon told journalists in a Viber message. 
 
The Bureau of the Treasury offered both the 91-day and 182-day paper for PHP5 billion but the auction committee upsized the award to PHP7 billion after doubling the award for non-competitive bids. 
 
Tenders for the three-month paper reached PHP17.45 billion while it amounted to PHP30.05 billion for the six-month paper. 
 
Bids for the one-year paper amounted to PHP41.11 billion, more than four times the PHP10-billion offer, which was fully awarded.
 
“Market sees (a) spike in prices as temporary with supply constraints and inflation dialing back to (the) middle of target next year,” de Leon added, explaining the inflation-factor on investors’ risk sentiment recently. 
 
The inflation rate rose for the fourth consecutive month last January to 4.2 percent, which monetary officials attributed to the impact of weather conditions on some agricultural products and the supply constraints on pork due to the African swine fever, among others. (PNA)
 
 
 

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