Manila: The Bureau of the Treasury (BTr) fully awarded bids for Treasury bills (T-bills) during Monday’s auction. The 91-, 182-, and 364-day T-bills fetched average rates of 5.128 percent, 5.562 percent, and 5.726 percent, respectively.

According to Philippines News Agency, Rizal Commercial Banking Corporation chief economist Michael Ricafort noted that T-bills average auction yields corrected mostly slightly higher after five weeks of decline. This adjustment comes ahead of the anticipated 0.25 basis points rate cut by Bangko Sentral ng Pilipinas this week.

The comparable PHP BVAL yield was observed at 5.170 percent for the three-month tenor, 5.496 percent for the six-month tenor, and 5.720 percent for the one-year tenor. Ricafort highlighted that the slight correction in T-bill average auction yields was also due to increased market demand for long-term local government securities.

The auction saw a significant interest, being 2.3 times oversubscribed with PHP50.1 billion in total tenders. With its decision, the Committee raised the full program of PHP22 billion for the auction.