Manila: The rates of the Philippines’ treasury bills (T-bills) displayed mixed outcomes in the auction conducted on Monday. The Bureau of the Treasury (BTr) reported variations in the average yields of different tenors as market participants adjusted their bids ahead of upcoming economic data releases.

According to Philippines News Agency, the average auction yield for the 91-day T-bill decreased marginally to 5.630 percent from 5.647 percent recorded last week. The BTr offered PHP5 billion for this tenor and successfully awarded the full amount, with total bids reaching PHP21.7 billion, indicating strong demand from investors.

In contrast, the yield for the 182-day T-bill increased to 5.905 percent from the previous week’s 5.882 percent. The total bids for this tenor amounted to PHP16.1 billion, and the auction committee made a full award of PHP5 billion. Similarly, the 364-day paper saw its average rate rise to 5.937 percent from 5.905 percent in the prior auction. The total bids for this tenor were PHP19
.9 billion, with the committee accepting PHP5 billion.

Rizal Commercial Banking Corporation’s chief economist, Michael Ricafort, noted that the treasury bill average auction yields have been trending slightly higher for the ninth consecutive week. This trend comes in anticipation of the release of new local inflation data, which is expected to show a slight increase from October 2024’s 2.3 percent. The headline inflation data for November 2024 is scheduled for release on December 5.