Philippine Treasury bill yields climbed again at Monday’s auction, fueled by inflation concerns, tighter monetary policy expectations, and geopolitical uncertainties.
Investors bid aggressively, with total tenders reaching P40.7 billion—1.2 times the amount offered. The Bureau of the Treasury’s Auction Committee responded by upsizing allocations for the 91-day T-bills to P13.0 billion, while partially awarding the 182- and 364-day securities.
The 91-day paper jumped to an average yield of 5.074 percent from last week’s 4.850 percent.
Longer-dated T-bills also rose, with the 182-day fetching 5.894 percent and the 364-day climbing to 6.037 percent, despite only raising P8.6 billion and P3.8 billion, respectively.
For comparison, last week’s six-month and one-year papers yielded 5.270 percent and 5.719 percent.
Overall, the Treasury raised P25.4 billion from an initial P30.0 billion program, signaling strong investor appetite even as borrowing costs edge higher amid economic uncertainty.
