Manila: The Bureau of the Treasury (BTr) fully awarded PHP30 billion in reissued Treasury bonds (T-bonds) with a remaining maturity of five years on Tuesday. The bonds fetched an average rate of 5.710 percent, which is lower than the prevailing secondary market rates.

According to Philippines News Agency, the offering attracted strong demand, with total tenders reaching PHP95.765 billion, more than three times the amount offered. This indicates a significant interest from investors in the current economic climate.

In a report, Rizal Commercial Banking Corporation (RCBC) chief economist Michael Ricafort noted that the average rate was higher than the 5.649 percent recorded for the same tenor in the November 4, 2025, auction. He attributed the increase to market expectations of another Bangko Sentral ng Pilipinas (BSP) policy rate cut next month. This expectation arises particularly if economic recovery slows, as the BSP is nearing the end of its monetary easing cycle.