NextGen Day

MANILA, Philippines — On Monday, the Bureau of the Treasury’s (BTr) auction committee rejected bids for Treasury bills (T-bills) across the board for the second week in a row after investors demanded high rates.

The average rate of the 91-day paper would have climbed to 1.577 percent, the 182-day to 1.967 percent, and the 364-day to 1.943 percent if the auction committee had awarded the debt papers.

All tenors were offered for PHP5 billion each by the BTr, and they were all oversubscribed.

Total tenders for the three-month paper totaled PHP7.610 billion, while the six-month paper received PHP6.459 billion and the one-year paper received PHP7.165 billion.

In a Viber message to journalists, National Treasurer Rosalia de Leon said, “Full rejection for all tenors as markets continue to ask for higher risk premium with deteriorating market sentiment with growing tensions in Ukraine, devaluation of the peso, and predicted spike in inflation.”

For one thing, domestic inflation is projected to accelerate year over year as oil and other commodity prices rise on the international market in response to fears about the protracted conflict between Ukraine and Russia.

Due to persistent rises in gasoline costs, the Bangko Sentral ng Pilipinas’ (BSP) policy-making Monetary Board (MB) raised the central bank’s average inflation prediction for this year from 3.4 percent to 3.7 percent, and for 2023 from 3.2 percent to 3.3 percent.

Domestic inflation was steady in February at 3%, but experts and authorities expect it to pick up in the coming months as a result of global developments.

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