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The rate on 5-year T-bonds has risen.

The hike in the rate on five-year Treasury bonds (T-bonds) on Wednesday, according to National Treasurer Rosalia de Leon, is in line with the secondary market.

The debt paper’s average rate increased to 4.089 percent from 4.012 percent previously.

The securities were offered for PHP35 billion by the Bureau of the Treasury (BTr), and the auction committee made a full award. The total amount of bids received was PHP60.657 billion.

“Despite the Fed’s hawkish tone, rates remained within market levels, with expectations of lowering inflation and a supportive monetary posture,” she told media over Viber.

Members of the auction committee “do not anticipate there would be availment,” she noted, therefore the BTr did not reoffer the same paper over the tap facility window during the day.

Domestic inflation slowed in the fourth quarter of 2021, falling from 4.9 percent in August to 3.6 percent in December, for a full-year average of 4.5 percent.

Officials from the Bangko Sentral ng Pilipinas (BSP) expect inflation to remain within the government’s goal range of 2 to 4% this year and next.

Since last year, Philippine monetary officials have left the central bank’s key policy rates unchanged, with the overnight reverse repurchase (RRP) rate at a record low of 2% to assist cushion the domestic economy from the pandemic’s impact.

Governor Benjamin Diokno of the BSP promised to keep their accommodative policy stance for as long as it is needed to aid in the economy’s full recovery.

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