Average yields on Philippine treasury bills fell at Monday’s auction, reflecting the Bangko Sentral ng Pilipinas’ recent quarter-point cut to its benchmark interest rate. The move signals easing borrowing costs for both the government and private sector amid a supportive macroeconomic backdrop.
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.
The Department of Energy (DOE) said the government is taking immediate steps to ensure a steady power supply in Catanduanes amid ongoing challenges faced by local power provider Sunwest Water and Electric Co. (Suweco).
The Department of Agriculture (DA) said researchers have identified a small goby fish in Lake Bato, Camarines Sur that may be endemic, or found only in that area.
Energy company ACEN Corp. said it is considering several ways to raise additional capital within the next 6 to 12 months to support its renewable energy (RE) projects.