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91-day and 182-day T-bills are largely awarded by BTr.

The Bureau of the Treasury (BTr) partially awarded the three- and six-month Treasury bills (T-bills) on Monday as a result of higher rates following the Bangko Sentral ng Philippines’ decision to raise interest rates last week (BSP).

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It offered all tenors PHP5 billion apiece, but only the 91-day paper and the 182-day T-bill received PHP3.55 billion and PHP4.5 billion, respectively.

Tenders for the three-month debt paper totaled PHP7.33 billion, while those for the six-month and one-year versions totaled PHP10 billion and PHP12.988 billion, respectively.

The 91-day T-average bill’s rate increased to 4.413 percent, the 182-day’s to 5.060 percent, and the one-to year’s 5.455 percent.

During the auction on February 13, they were at 4.230 percent, 4.949 percent, and 5.298 percent, respectively, for the 91-day, 182-day, and 364-day papers.

The increase in T-bill rates, according to National Treasurer Rosalia de Leon, was caused by “the aftermath of BSP 50 bps (basis points) rate hikes and (the) increased revision to average inflation for 2023 to 6.1 percent.”

De Leon was alluding to the Monetary Board’s (MB) decision to set the policy rate last week, which was principally motivated by the faster-than-anticipated increase in the domestic inflation rate in January from 8.1 percent to 8.7 percent.

The committee chose to maintain prices that were in line with secondary levels, she continued, which resulted in partial awards for 91- and 182-day T-bills.

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