Treasury bill rates were generally lower at Monday’s auction, as expectations of further monetary policy easing by the Bangko Sentral ng Pilipinas (BSP) continued to weigh on yields.
Investor demand remained strong, with total bids reaching P97.2 billion—more than four times the P22 billion on offer. As a result, the Bureau of the Treasury fully awarded the amount.
The yield on the 91-day T-bill held steady at 4.887 percent, barely changed from 4.880 percent the previous week. Meanwhile, yields on the 182-day and 364-day securities declined to 5.058 percent and 5.097 percent, respectively, from last week’s 5.072 percent and 5.119 percent.
The BSP recently cut its benchmark overnight rate by 25 basis points to 4.75 percent and signaled that there may be room for further easing as inflation trends downward.
