NextGen Day

MANILA, Philippines — On Monday, the country’s Treasury bill (T-bill) rates climbed, owing to predictions that the Federal Reserve will begin tightening rates in March 2022.

The average rate on 91-day debt paper has risen to 0.810 percent, 182-day debt paper has risen to 1.066 percent, and 364-day debt paper has risen to 1.475 percent.

During the auction on February 7, these were 0.710 percent, 1.022 percent, and 1.408 percent for three-month, six-month, and one-year T-bills, respectively.

The Bureau of the Treasury (BTr) offered PHP5 billion for each of the tenors, which were all fully awarded.

Total tenders for the three-month paper totaled PHP13.57 billion, while the six-month paper received PHP14.79 billion and the one-year tenor received PHP12.874 billion.

In a Viber message to journalists, National Treasurer Rosalia de Leon said, “Rates rose up with heightened concerns about Ukraine and predictions of Fed raising rates by as much as 50 bps (basis points) in March.”

The Federal Reserve is expected to begin raising key interest rates as soon as next month to help combat increasing inflation, which reached a four-decade high of 7.5 percent in January.

Tensions are rising as Russia is said to have sent more troops to Ukraine’s border.

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