Treasury bill yields ended mixed at Monday’s auction as persistent inflation risks, slowing growth concerns, and global market uncertainty continued to keep borrowing costs elevated.
Demand remained strong, with total tenders reaching P68.32 billion—nearly double the government’s P35-billion offer—signaling ample liquidity in the financial system despite investor caution over the interest-rate outlook. Appetite was concentrated in shorter-dated securities, suggesting investors continue to favor flexibility amid uncertainty over future monetary policy moves.
The Bureau of the Treasury fully awarded the 91-day and 182-day treasury bills, while partially rejecting bids for the one-year tenor, an indication that investors were demanding higher returns for longer-term exposure.
The yield on the 91-day T-bill rose to 5.142 percent from 5.074 percent in the previous auction, while the 364-day paper climbed to 6.163 percent from 6.037 percent.
In contrast, the average rate on the 182-day bill eased to 5.700 percent from 5.894 percent last week after bids surged to P31.25 billion, almost triple the P13 billion on offer. The decline reflected strong investor demand for medium-short tenors as markets position for possible policy easing later this year, even as inflation and external risks remain unresolved.
