Philippine treasury bill yields continued to soften at the auction Tuesday, dragged lower by prospects of further monetary easing after a weaker-than-expected economic performance in the third quarter.
The economy expanded 4.0 percent in the third quarter, the slowest since the pandemic, prompting expectation the Bangko Sentral ng Pilipinas would lower interest rates further to drive economic activity.
Total tenders reached P98.31 billion, more than four times the P22 billion offered and fully awarded.
Yield on the 91-day treasury bill eased to 4.821 percent from last week’s 4.874 percent while that on the 182—day paper softened to 4.981 percent from 5.026 percent. Average rate for the 364-day bill slipped to 5.054 percent from 5.099 percent.
The auction was rescheduled Tuesday after Typhoon Uwan forced the government to suspend work Monday.
