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T-bills are higher this week due to forecasts of stable BSP rates.

MANILA, Philippines β€” On Monday, Treasury bills (T-bills) rates jumped across the board, resulting in partial awards for the 91-day and 364-day tenors.

The 91-day T-bill rate increased to 1.536 percent, the 182-day rate to 1.607 percent, and the 364-day rate to 1.792 percent.

During the auction on March 14, these were 1.305 percent, 1.458 percent, and 1.734 percent for three-month, six-month, and one-year debt papers, respectively.

Only the six-month paper was fully granted after the Bureau of the Treasury (BTr) offered all tenors for PHP5 billion apiece.

The prize for the 91-day T-bill was PHP4.866 billion, while the one-year paper received PHP4.030 billion.

In a Viber message to media, National Treasurer Rosalia de Leon said, “We saw that hikes demanded (were) moderated by anticipation that BSP (Bangko Sentral ng Pilipinas) will maintain rates stable.”

On Thursday, the BSP’s policy-making Monetary Board (MB) will hold its rate-setting meeting, and it is largely believed that the central bank’s key policy rates would be maintained.

The BSP’s overnight reverse repurchase (RRP) rate is currently at a record low of 2%.

In order to increase lending and decrease the impact of the epidemic on the domestic economy, the MB cut the central bank’s main rates by a total of 200 basis points in 2020.

The Federal Reserve raised interest rates by 25 basis points to 0.25 to 0.50 percent last week, the first time since December 2018.

BSP Governor Benjamin Diokno, on the other hand, previously stated that they do not have to follow the Fed’s decision because they evaluate more internal variables and that the MB’s choice will be data-driven.

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