Average rates on Treasury bills ended mixed at Monday’s auction, with the yield on the one-year tenor continuing to drift lower amid expectations of further monetary easing.
Market sentiment has been shaped by views that the Bangko Sentral ng Pilipinas may cut policy rates at its December meeting, following weaker-than-expected economic growth. This outlook kept investors active across the short-term debt curve.
The yield on the 91-day T-bill inched up to 4.849 percent from 4.842 percent the previous week, while the 182-day paper held steady at 4.97 percent.
The 364-day tenor, however, saw its average rate ease to 5.003 percent from 5.017 percent, reflecting expectations of a shift toward looser monetary settings.
Investor appetite remained robust, with total bids rising to P84.9 billion, slightly higher than last week’s P84 billion, signaling sustained demand for government securities despite the mixed rate movements.
