Manila: The Bureau of the Treasury (BTr) raised PHP28 billion from the Treasury bills (T-bills) auction on Monday, surpassing the original PHP22-billion offering.

According to Philippines News Agency, the auction was 3.1 times oversubscribed, with total bids reaching PHP67.2 billion. This oversubscription led the Auction Committee to double the accepted non-competitive bids for the 182-day securities to PHP5.6 billion for the 364-day T-bills. Total tenders for the 91-day T-bills amounted to PHP18.82 billion, and the Auction Committee accepted PHP7 billion, with the yield settling at 5.157 percent.

The BTr successfully raised PHP9.8 billion from the 182-day Treasury bills, which was an increase from the initial offer of PHP7 billion. Total tenders for this category reached PHP19.25 billion, with an average yield of 5.554 percent.

Total tenders for the 364-day T-bills reached PHP29.13 billion, and the Auction Committee accepted PHP11.2 billion, with the yield settling at 5.681 percent.