MANILA: The Bureau of the Treasury (BTr) raised PHP15 billion in Monday's auction after awarding the Treasury bills (T-bills) in full. The Auction Committee fully awarded the 91-, 182-, and 364-day T-bills after the debt papers were 2.7 times oversubscribed, with total tenders amounting to PHP39.8 billion. About PHP24.8 billion worth of bids were rejected during this day's auction. 'The 91-, 182-, and 364-day T-bills fetched average rates of 5.870 percent, 5.973 percent, and 6.044 percent, respectively,' the BTr said. Yields for T-bills offering in Monday's auction were higher than last week's average rates for all tenors. Rizal Commercial Banking Corp. chief economist Michael Ricafort said auction results came 'after the recent signals from BSP (Bangko Sentral ng Pilipinas) Governor (Eli) Remolona (Jr.) on a possible local policy rate cut in the third quarter 2024, but no RRP (reverse repurchase rate) cut by 3Q 2024.' Source: Philippines News Agency
