Manila: The Bureau of the Treasury (BTr) fully awarded all bids for Treasury bills (T-bills) during its auction on Monday. The 91-day, 182-day, and 364-day T-bills recorded average rates of 5.173 percent, 5.323 percent, and 5.457 percent, respectively. These rates were lower than those from previous auctions and the prevailing secondary market rates.

According to Philippines News Agency, the previous week’s average auction yields for the same T-bills were 5.195 percent, 5.398 percent, and 5.522 percent. Rizal Commercial Banking Corporation chief economist Michael Ricafort noted that the T-bill average auction yields have mostly been slightly lower for the ninth consecutive week. This trend follows the anticipated 0.25 basis points rate cut by Bangko Sentral ng Pilipinas on August 28, 2025, which is expected to further reduce borrowing costs across various sectors of the economy.

Ricafort also highlighted that the T-bills’ average auction yields were slightly lower on a week-on-week basis, influenced by the significant volume of total bids received. The auction was oversubscribed by five times, garnering PHP125.5 billion in total tenders. Consequently, the Auction Committee succeeded in raising the full program amount of PHP25 billion for the auction.