BTr fully awards PHP15-B T-bill offer as rates decline

On Monday, the Bureau of the Treasury fully awarded its PHP15 billion Treasury bill auction as rates declined.

The average rate for the 91-day T-bill was 0.969%, down from 1.075% last week; the 182-day rate fell to 1.121% from 1.269%; and the 364-day rate dropped to 1.468%.

Total tenders reached PHP73.58 billion, nearly five times the initial offer.

National Treasurer Rosalia de Leon attributed the strong demand to December's lower inflation rate of 3.6%, down from November's 4.2%, and investors' preference for short-term debt papers due to rising COVID-19 cases and expected aggressive interest rate hikes by the Fed.