Manila: The Bureau of the Treasury (BTr) has increased its award of Treasury bills (T-bills) to PHP28.6 billion, surpassing its initial program of PHP25 billion.

According to Philippines News Agency, the auction was significantly oversubscribed, with total bids reaching PHP116.3 billion. This prompted the Auction Committee to double the accepted non-competitive bids for the 364-day T-bills to PHP7.2 billion. The BTr accepted PHP8 billion from the PHP31.7 billion total tenders for the 91-day T-bills, with the yield at 5.452 percent.

The total tenders for the 182-day T-bills amounted to PHP41.7 billion. The BTr accepted PHP8 billion, with the yield settling at 5.565 percent. Meanwhile, for the 364-day T-bills, total tenders reached PHP43 billion. The Auction Committee awarded PHP12.6 billion, which was higher than the PHP9 billion initial offer, with the yield settling at 5.680 percent.