PHP22B T-bills oversubscribed at auction

On Monday, February 24, 2025, the Bureau of the Treasury (BTr) fully awarded bids for PHP22 billion in Treasury bills (T-bills), reflecting strong investor demand.

Total bids reached PHP83.711 billion, nearly four times oversubscribed compared to the previous week's PHP56.267 billion.

Average rates for 91-, 182-, and 364-day T-bills were recorded at 5.329 percent, 5.672 percent, and 5.754 percent respectively, slightly higher than last week’s yields.

Rizal Commercial Banking Corporation chief economist Michael Ricafort noted that the slight increase in yields was influenced by an unexpected pause in the key local policy rate during the BSP meeting on February 13, 2025, and expectations of monetary easing.

Despite these factors, investor sentiment remained positive due to recent cuts in banks' reserve requirement ratios (RRRs) announced by the Bangko Sentral ng Pilipinas (BSP), which will take effect next month.