Manila: The Bureau of the Treasury (BTr) has fully awarded bids for Treasury bills (T-bills) during the auction held on Monday. The 91-, 182-, and 364-day T-bills achieved average rates of 5.046 percent, 5.222 percent, and 5.376 percent, respectively. These rates are lower than those recorded in the previous auction and the prevailing secondary market rates.

According to Philippines News Agency, last week's average rates for the 91-, 182-, and 364-day T-bills were 5.173 percent, 5.323 percent, and 5.457 percent, respectively. Rizal Commercial Banking Corporation chief economist Michael Ricafort noted that the current trend of slightly lower Treasury bill auction yields has persisted for the tenth consecutive week. This is attributed to the anticipated 0.25 basis points rate cut by the Bangko Sentral ng Pilipinas, set for August 28, 2025, and potential further rate cuts by the end of the year, as indicated by Finance Secretary Recto and BSP Governor Remolona. Investors are eager to secure yields before potential reductions in the coming months.

The auction was significantly oversubscribed, receiving PHP156.4 billion in total tenders, which is 6.3 times the amount offered. Consequently, the Auction Committee decided to raise the full program amount of PHP25 billion for the auction.