Manila: The Bureau of the Treasury (BTr) has increased the award of Treasury bills (T-bills) during Monday’s auction. Total tenders for the 91-day T-bills amounted to PHP37.74 billion, with the Auction Committee accepting PHP7 billion, as the yield settled at 5.388 percent.

According to Philippines News Agency, the 182-day T-bills saw total tenders reaching PHP36.74 billion. The Auction Committee accepted PHP11.9 billion, which was higher than the initial offer of PHP8.5 billion, with the yield settling at 5.543 percent. For the 364-day tenor, total tenders amounted to PHP28.97 billion, with the Auction Committee accepting PHP9.5 billion and a yield of 5.627 percent.

Rizal Commercial Banking Corporation chief economist Michael Ricafort noted in a Viber message that Treasury bill average auction yields were mostly slightly lower for the fourth consecutive week. This trend follows recent signals from Department of Finance Secretary Recto regarding potential -0.50 Bangko Sentral ng Pilipinas (BSP) rate cuts for the remainder of 2025, with the earliest possible cut at the next rate-setting meeting on August 28, 2025.

Last week, the average yield for the 91-, 182-, and 364-day T-bills settled at 5.422 percent, 5.566 percent, and 5.631 percent, respectively.