Manila: The government successfully raised PHP22 billion from its latest Treasury bills (T-bills) auction held on Monday.

According to Philippines News Agency, the Bureau of the Treasury (BTr) reported that the auction was almost four times oversubscribed, drawing in a total of PHP85.5 billion in tenders. This reflects strong investor interest in government securities. Specifically, tenders for the 91-day T-bills amounted to PHP37.48 billion, with the yield settling at 5.283 percent, from which the BTr accepted PHP7 billion.

For the 182-day T-bills, the Auction Committee accepted PHP7 billion from the total tenders of PHP24.51 billion, with the yield recorded at 5.610 percent. The 364-day paper brought in PHP8 billion, with an average yield of 5.770 percent.

Rizal Commercial Banking Corporation’s chief economist, Michael Ricafort, indicated that the average auction yields for Treasury bills were slightly lower, in anticipation of the latest local inflation data, which is expected to decrease from 2.9% in January 2025. Last week, the yields for the 91-day, 182-day, and 364-day T-bills settled at 5.329 percent, 5.672 percent, and 5.754 percent, respectively.