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Notwithstanding the general rate increase, the Bureau of the Treasury (BTr) only fully granted the one-year paper on Monday, but only partially awarded the three- and six-month T-bills.

It offered all tenors for PHP5 billion each but only granted 91-day paper worth PHP3.781 billion and 182-day securities at PHP4.056 billion.

This comes after the average rates for the three-month and six-month papers increased to 4.664 percent and 5.4 percent, respectively.

The 91-day paper’s rate was 4.586 percent during the auction on March 6 while the 182-day paper’s rate was 5.378 percent.

In a similar vein, the rate on the one-year T-bill increased from last week’s auction’s 5.707 percent to 5.717 percent.

The total amount of bids for the three-month paper was PHP6.091 billion; for the six-month and one-year papers, it was PHP7.816 billion and PHP7.722 billion, respectively.

National Treasurer Rosalia de Leon sent a Viber message to journalists saying, “Partial award for 91- and 182-day but the full reward for one-year to ensure rates are within secondary standards.

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