NextGen Day

MANILA, Philippines — Despite the rise in interest rates, the Bureau of the Treasury’s (BTr) auction committee completely awarded the PHP35 billion 10-year Treasury bond (T-bond) offering on Tuesday.

The debt paper’s average rate increased to 6.092 percent from 5.093 percent previously.

The total amount of tenders received was PHP57.915 billion.

“Markets remain defensive as UST (US Treasury) rates rise and the Fed (Federal Reserve) adopts a more aggressive tone,” National Treasurer Rosalia de Leon told journalists through Viber.

Despite the higher rate at this week’s auction, de Leon said the debt paper’s yield isn’t comparable to last month’s rate “when the landscape was considerably different than it is now.”

“The market reacted to the BSP’s (Bangko Sentral ng Pilipinas) higher inflation prediction for 2022,” she said.

This comes after the central bank’s policy-making Monetary Board (MB) raised the BSP’s average inflation forecast for this year to 4.3 percent, higher than the government’s 2-4 percent target band, and the projection for 2023 to 3.6 percent, citing increases in oil and commodity prices on the international market.

During the MB’s rate-setting meeting in February, these figures were 3.7 percent and 3.3 percent for 2022 and 2023, respectively.

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