PNA file photo
MANILA – The Bureau of the Treasury (BTr) on Monday fully awarded bids for Treasury bills (T-bills).
The 90-, 182- and 364-day T-bills fetched average rates of 5.224 percent, 5.789 percent and 6.210 percent, respectively.
The total tenders amounted to PHP45.1 billion, thrice the PHP15 billion offering.
The BTr raised the full program of PHP15 billion for the auction.
In a comment, Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort said most Treasury bill auction yields continued to decline week-on-week, similar to the week-on-week decline on comparable short-term PHP Bloomberg Valuation (BVAL) yields.
Ricafort said this is ahead of the release of the latest Philippine inflation rate which is expected to ease further in the coming months due to higher base effects.
"As local inflation rate moves closer into the BSP’s (Bangko Sentral ng Pilipinas) target range and U.S. inflation also moves closer to the Fed’s (Federal Reserve) target of 2 percent, thereby could support a possible pause in policy rates and would eventually support any Fed rate cut/s, especially in 2024, that could be matched locally," he said. (PNA)
