Manila: Results were mixed during Monday's Treasury bills (T-bills) auction, with the Auction Committee fully awarding bids for the 91- and 182-day T-bills, while partially allotting the 364-day securities. The 91- and 182-day T-bills fetched average rates of 4.985 percent and 5.080 percent, respectively. Meanwhile, acceptance of the 364-day T-bill was capped at PHP4.8 billion, with an average rate of 5.204 percent.

According to Philippines News Agency, last week, the average rates of the 91-, 182-, and 364-day T-bills settled at 5.004 percent, 5.032 percent, and 5.166 percent. Rizal Commercial Banking Corporation chief economist Michael Ricafort said that except for the 91-day, T-bills' average auction yields mostly increased ahead of the March inflation data release.

"T-bill auction yields also went up amid recent signals on a possible BSP rate hike on the next Bangko Sentral ng Pilipinas' (BSP) rate-setting meeting on April 23, 2026, if inflation breaches or likely to breach above BSP's target range of 2%-4% in the coming months, after the sharp increase in fuel prices," he said. The auction was 1.9 times oversubscribed, drawing PHP50.2 billion in total tenders.

With its decision, the committee raised PHP22.8 billion of the PHP27-billion total offering.