Manila: The Bureau of the Treasury (BTr) successfully raised PHP22 billion in Monday’s auction after awarding the Treasury bills (T-bills) in full. The Auction Committee decided to fully award the 92-, 182-, and 364-day T-bills as the debt papers were 3.2 times oversubscribed, with total tenders reaching PHP71 billion.

According to Philippines News Agency, the 92-, 182-, and 364-day T-bills fetched average rates of 5.782 percent, 5.911 percent, and 5.931 percent, respectively. These yields were lower compared to the previous rates of 5.818 percent, 5.975 percent, and 5.977 percent for the same tenors. Despite the lower yields, the T-bills offering in Monday’s auction were higher than last week’s average rates for all tenors.

Rizal Commercial Banking Corp. chief economist Michael Ricafort noted, “T-bills average auction yields corrected slightly lower week-on-week amid higher total bids/demand at PHP70.975 billion compared to the previous week’s PHP46.74 billion.” He also mentioned that this auction marked the first Treasury bill auction for 2025, with yields somewhat normalizing and being slightly lower than the comparable short-term PHP BVAL yields since late 2024.