Manila: The Bureau of the Treasury (BTr) has successfully raised PHP28.6 billion for the national government after fully awarding Treasury bills (T-bills) in Monday's auction. The Auction Committee decided to fully award the 91-, 182-, and 364-day T-bills, which were 3.9 times oversubscribed with total tenders reaching PHP98.3 billion.

According to Philippines News Agency, the 91-, 182-, and 364-day T-bills fetched average rates of 5.451 percent, 5.524 percent, and 5.656 percent, respectively. These yields were lower than the previous week's average rates for all tenors.

Rizal Commercial Banking Corp. chief economist Michael Ricafort noted that the slight easing of Treasury bill average auction yields comes after the latest inflation rate improved to a 5.5-year low of 1.3 percent in May 2025. He indicated that the further easing of the inflation rate could lead to possible rate cuts by the Monetary Board of another 25 basis points in its next rate-setting meeting on June 19.

Ricafort also highlighted that some investors are positioning for relatively higher T-bill yields before the Bangko Sentral ng Pilipinas adjusts rates and T-bill yields potentially decrease further.