NextGen Day

The bids for Treasury bills (T-bills) at reduced rates were fully awarded by the Bureau of Treasury (BTr) on Monday.

The average rates for the 91-, 182-, and 364-day T-bills were 5.874%, 5.991%, and 6.028%, respectively.

During the auction last May 8, they were at 5.891 percent, 6.109 percent, and 6.211 percent, respectively, for the three-month, six-month, and one-year papers.

The BTr reported that total bids for the auction reached PHP59.6 billion, a fourfold oversubscription.

The BTr raised the full PHP15 billion program for the auction of its choice.

Michael Ricafort, the chief economist at Rizal Commercial Banking Corporation (RCBC), stated in a statement that “Treasury bill auction yields again corrected lower for the second straight week after strong signals on a possible pause in local policy rates on Thursday, May 18, 2023, as well as recent signals on a possible cut on banks’ RRR (reserve requirement ratio) as early as June 2023.”

According to Ricafort, if inflation remains low and the Federal Reserve starts lowering rates, local policy rates could be lowered as early as August.

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