Manila: Results were mixed during Monday’s Treasury bills (T-bills) auction as the Auction Committee decided to fully award bids for the 182- and 364-day T-bills while partially awarding the 91-day securities. The 182- and 364-day T-bills fetched average rates of 5.523 percent and 5.657 percent, respectively. The 91-day T-bill, meanwhile, was capped at 5.490 percent.

According to Philippines News Agency, Rizal Commercial Banking Corporation chief economist Michael Ricafort commented on the situation, stating, “The Treasury bill average auction yields were mostly marginally higher but essentially little changed after the latest Israel-Iran war that led to global crude oil prices to new 4-month highs and the U.S. dollar peso exchange rate at 1.5-months at 56.50 levels, both of which would lead to some pick up in importation costs and overall inflation that could potentially delay future Fed rate cuts and BSP rate cuts.”

Last week, the average rates of the 91-, 182-, and 364-day T-bills settled at 5.451 percent, 5.524 percent, and 5.656 percent, respectively. The auction was thrice oversubscribed, attracting PHP74.2 billion in total tenders, prompting the Committee to double the accepted non-competitive bids for the 182-day T-bills to PHP6.4 billion. With its decision, the Committee raised a total of PHP26.7 billion from the PHP25 billion initial offer.