MANILA – The Bureau of the Treasury (BTr) on Monday fully awarded bids for Treasury bills (T-bills) at higher rates.
The 91-, 182-, and 364-day T-bills fetched average rates of 5.888 percent, 6.002 percent, and 6.080 percent, respectively.
Last week, the average rate of the 90-, 181-, and 364-day T-bills was slightly lower at 5.870 percent, 5.973 percent, and 6.044 percent.
Rizal Commercial Banking Corporation chief economist Michael Ricafort attributed the higher average auction yield to the hawkish signals from some Federal Reserve and Bangko Sentral ng Pilipinas officials and that any local policy rate cut could happen by the fourth quarter of the year or early 2025.
Ricafort said this was also "after the recent geopolitical risks in view of the conflict between Israel and Iran."
The auction was 3.0 times oversubscribed, attracting PHP44.8 billion in total tenders.
The BTr raised the full program of PHP15 billion for the auction. (PNA)
