Rates of the Philippine government’s Treasury bills (T-bills) rose Monday to a level below the secondary market rates.
Bureau of the Treasury (BTr) data show that average rate of the benchmark 91-day bill rose to 2.189 percent from 2.126 percent during the auction last July 3.
It was offered for PHP6 billion and banks submitted more tenders at Php9.162 billion.
However, the auction committee accepted only PHP4.127 billion since rate of the same tenor in the secondary market fetched a higher rate of 2.7764 percent in the morning session.
The same scenario was seen for the one-year paper, whose average rate rose to 2.995 percent from the previous auction’s 2.926 percent.
Secondary market rate for the same tenor in the morning session stood at 3.2232 percent.
BTr offered it for PHP4 billion and tenders reached PHP5.93 billion. However, the auction committee accepted only PHP3.61 billion.
On the other hand, all the PHP3.55 billion bids for the 182-day T-bill was rejected. This tenor was offered for PHP5 billion.
Secondary market rate for the six-month paper stood at 2.975 percent.