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 4.884 percent, 5.058 percent, and 5.097 percent, respectively.

According to Philippines News Agency, last week, the average rate of the 91-, 182-, and 364-day T-bills settled at 4.880 percent, 5.072 percent, and 5.119 percent. Rizal Commercial Banking Corporation chief economist Michael Ricafort noted that T-bill average auction yields mostly eased as a continuing effect of the surprise rate cut by the Bangko Sentral ng Pilipinas.

Ricafort further stated, "T-bill average auction yields also mostly lower after dovish signals from most Fed officials recently (which) would help support possible future Fed rate cuts that could be matched by the BSP to maintain healthy interest rate differentials." The auction attracted PHP97.17 billion in total tenders.

With its decision, the Auction Committee raised the full program of PHP25 billion for the auction.