Manila: The Bureau of the Treasury (BTr) fully awarded bids for Treasury bills (T-bills) during Monday's auction. The 91-, 182-, and 364-day T-bills fetched average rates of 5.329 percent, 5.672 percent, and 5.754 percent, respectively.

According to Philippines News Agency, last week saw the average yield for the 91-, 182-, and 364-day T-bills settle at 5.318 percent, 5.662 percent, and 5.780 percent, respectively. Rizal Commercial Banking Corporation chief economist Michael Ricafort noted that Treasury bill average auction yields have mostly corrected slightly higher for the third straight week. This comes more than a week after an unexpected pause in the key local policy rate during the latest BSP rate-setting meeting on February 13, 2025, which somewhat disappointed the markets.

Ricafort also mentioned that the increase in yields was offset by the latest cut in banks' reserve requirement ratio. He highlighted that Treasury bill average auction yields continued to correct slightly higher due to increased market demand for long-term local government securities.

The auction was 3.8 times oversubscribed, attracting PHP83.7 billion in total tenders. With its decision, the committee raised the full program of PHP22 billion for the auction.