Benguet: partially awarded Treasury bills (T-bills) on Monday due to higher bid yields.

According to Philippines News Agency, the 91-, 182-, and 364-day T-bills fetched average rates of 4.900 percent, 4.948 percent, and 5.066 percent, respectively. These rates are higher than the previous week's rates of 4.677 percent, 4.795 percent, and 4.849 percent.

The auction committee of the Bureau of the Treasury awarded PHP19.2 billion out of the PHP27-billion offering after partially awarding bids across all three tenors. The auction experienced an oversubscription of 1.4 times, receiving PHP36.8 billion in total tenders.

"Treasury bill average auction yields again went up for the 3rd straight week or since the war in (the) Middle East started," stated Rizal Commercial Banking Corporation chief economist Michael Ricafort in a Viber message. Ricafort noted that T-bill yields are expected to continue rising in the coming weeks due to the inflationary impact of the Middle East conflict.