MANILA – Average rates of the Philippines’ Treasury bills (T-bills) declined anew Monday as investors continue to take advantage of yields uptick of government securities.
Rate of the 91-day paper went down to 2.038 percent from 2.046 percent during the auction last week.
The Bureau of the Treasury (BTr) initially offered T-bills for PHP5 billion but the auction committee upsized the award to PHP7 billion due to huge bids.
Tenders amounted to PHP21.751 billion.
Rate of the 182-day paper averaged at 2.099 percent, lower than the 2.118 percent last week.
Total award reached PHP7 billion, higher than the initial offer of PHP5 billion after tenders totaled to PHP19.375 billion.
The one-year T-bill’s rate averaged at 2.378 percent, a drop from the 2.42 percent last week.
Awards reached PHP14 billion, also higher than the initial announcement of the PHP10-billion offer after bids totaled to PHP54.9 billion.
The longest tenor paper was also offered over the tap facility for PHP10 billion, and was fully awarded after tenders reached PHP11.63 billion.
National Treasurer Rosalia de Leon attributed the positive development in the T-bills auction during the day to the continued decline of inflation rate, which decelerated to 2.1 percent last May from the previous month’s 2.2 percent.
“Rates (are) still within inflation (rate) and (the) bias towards safe haven (assets) prevails,” she told journalists after the auction. (PNA)
