Manila: The Bureau of the Treasury (BTr) fully awarded bids for Treasury bills (T-bills) during the latest auction held on Monday. The 91-day, 182-day, and 364-day T-bills recorded average rates of 5.546 percent, 5.655 percent, and 5.688 percent, respectively.

According to Philippines News Agency, these rates represent a slight correction from last week's average yields, which were 5.546 percent for the 91-day, 5.675 percent for the 182-day, and 5.691 percent for the 364-day T-bills. Rizal Commercial Banking Corporation's chief economist, Michael Ricafort, noted in a Viber message that the minor yield adjustments align with recent dovish signals from local monetary officials, as inflation remains below the Bangko Sentral ng Pilipinas's target range of 2 percent-4 percent.

Ricafort further explained that the decline in T-bills' yield is also linked to a decrease in the benchmark 10-year US Treasury yield. This decrease follows improved market sentiment after US President Donald Trump indicated a potential softening stance on tariffs. The auction saw significant interest, being 3.2 times oversubscribed with total tenders amounting to PHP80.3 billion.

The Committee decided to raise the full program to PHP25 billion for the auction, reflecting robust demand and favorable conditions for T-bills.