The rates of Treasury bills (T-bills) rose on Monday following the weakening of the peso to PHP50-level against the US dollar.
The average rate of the 91-day paper increased to 1.068 percent, the 182-day to 1.384 percent, and the 364-day to 1.593 percent.
These were at 1.044 percent, 1.351 percent, and 1.568 percent for the three- and six-month and one-year papers during the auction last July 5.
“Rates moved slightly higher as peso breached (the) PHP50/1 USD mark,” National Treasurer Rosalia de Leon told journalists in a Viber message.
Authorities and economists have traced the peso’s depreciation to the rise of coronavirus disease 2019 (Covid-19) cases in several countries due to coming out of new variants.
The Bureau of the Treasury (BTr) offered all the tenors for PHP5 billion each and these were oversubscribed across-the-board.
The auction committee fully awarded all the tenors.
Bids for the three-month paper reached PHP14.7 billion while it amounted to PHP14.798 billion for the six-month paper and PHP12.59 billion for the one-year tenor.
Source: Philippines News Agency
