Average Treasury bill rates slipped at Monday’s auction, coming in below secondary-market levels after the Bangko Sentral ng Pilipinas (BSP) moved to further ease monetary policy.
The BSP trimmed overnight policy rates by another 25 basis points last week, reinforcing expectations of lower yields across the short end of the curve.
At the auction, the Bureau of the Treasury offered P20 billion in Treasury bills, down from the P22 billion offered in recent sales.
Compared with last week’s auction results, the yield on the 91-day T-bill eased to 4.731 percent from 4.759 percent, while the 364-day paper softened to 4.924 percent from 4.962 percent. In contrast, the 182-day bill rose to 4.903 percent, rebounding from its steady slide to 4.873 percent in the previous week.
Demand remained robust, with total bids reaching P87.5 billion—more than four times the amount on offer.
