Manila: The Bureau of the Treasury (BTr) on Monday fully awarded bids for Treasury bills (T-bills). The 91-, 182-, and 364-day T-bills fetched average rates of 5.475 percent, 5.575 percent, and 5.650 percent, respectively, all lower than the previous auction rates. Last week, the average rates for these T-bills were 5.526 percent, 5.618 percent, and 5.656 percent.

According to Philippines News Agency, the auction was 4.1 times oversubscribed, attracting PHP102.9 billion in total tenders. This prompted the Committee to double the accepted non-competitive bids for the 182-day T-bills to PHP6.8 billion. As a result, the Committee raised a total of PHP28.4 billion from the PHP25 billion initial offer.

Rizal Commercial Banking Corporation chief economist Michael Ricafort noted in a Viber message that the Treasury bill average auction yields were slightly lower for the second consecutive week. He attributed this to uncertainties over tariffs imposed by Trump, which could slow down the global economy and potentially support future Federal Reserve rate cuts.