MANILA – The government raised a planned PHP15 billion from the Treasury bills (T-bills) auction, the Bureau of the Treasury (BTr) said.
The BTr fully awarded bids for T-bills during Monday's auction.
The 90-, 182-, and 364-day T-bills fetched average rates of 5.398 percent, 5.810 percent, and 6.076 percent, respectively.
The auction attracted PHP38.1 billion in total tenders.
Rizal Commercial Banking Corporation chief economist Michael Ricafort said T-bills average auction yields rose for the sixth straight auction.
Last week, the 91-, 182-, and 364-day T-bills fetched average rates of 5.306 percent, 5.766 percent, and 6.037 percent.
Ricafort said the average auction yield was also higher than the comparable PHP Bloomberg Valuation Service (BVAL) except for the 91-day tenor.
He said the six-month PHP BVAL was at 5.75 percent and the one-year PHP BVAL was at 6.04 percent as of Jan. 26, 2024.
"Treasury bill auction also went up after the recent volatility in the US dollar/peso exchange rate near 3-month highs amid some political noises especially over the weekend," Ricafort said.
"T-bill auction yields [were] higher ahead of the latest Philippines GDP (gross domestic product) data on January 31, 2024 as a stronger GDP data could support hawkish policy stance as a matter of prudence amid higher global and local rice prices recently due to El Niño drought risks until second quarter 2024 that could reduce palay output and could lead to some uptick in prices and overall inflation," he added. (PNA)
