Manila: The government successfully raised PHP30 billion through a reissued Treasury bond (T-bond) auction held on Tuesday. The bond, which has a remaining term of four years and ten months, achieved an average rate of 5.717 percent. This rate marks an increase from the previous five-year T-bond auction on February 3, which recorded an average rate of 5.557 percent.

According to Philippines News Agency, Rizal Commercial Banking Corp. chief economist Michael Ricafort noted that the average auction yields for the five-year Treasury bond were slightly higher due to some market hesitancy on longer-end tenors. The auction was notably oversubscribed, with total tenders reaching PHP47.8 billion, which is 1.6 times the offered amount.

With the full award, the Auction Committee successfully met the PHP30 billion program, increasing the series' outstanding volume to PHP215 billion.