Anticipation of further monetary easing later this week kept Treasury bill yields on a downward path at Monday’s auction, as investors piled into short-dated government debt.
The Philippine Stock Exchange index (PSEi) slid 1.3 percent to 6,384.58, extending profit-taking for a second session after touching seven- to nine-month highs. Even so, the benchmark remains comfortably above the 6,000 mark, keeping the broader uptrend intact and suggesting the pullback is more consolidation than reversal.
Expectations of further easing by the Bangko Sentral ng Pilipinas are rippling through the debt market, pushing treasury bill yields lower and fueling strong demand at the latest auction.
Treasury bill yields continued to ease at Monday’s auction as investors positioned for a possible shift toward monetary easing by the Bangko Sentral ng Pilipinas (BSP) amid weakening economic momentum.
The Bureau of Fisheries and Aquatic Resources (BFAR) said the recent spoilage of tamban (sardines) in Bulan, Sorsogon has been resolved after fish processing plants resumed operations.
The Manila Electric Co. (Meralco) said it supports using a competitive selection process, or public bidding, when choosing private sector partners for electric cooperatives (ECs).
Electricity prices in the country’s spot market increased sharply in March, driven by tighter supply and higher demand, according to the Independent Electricity Market Operator of the Philippines (IEMOP).