NextGen Day

MANILA, Philippines — On Tuesday, the Bureau of the Treasury (BTr) partially awarded a new three-year Treasury bond (T-bond) offering after the interest rate jumped.

The debt paper’s coupon rate was 4.250 percent, with an average rate of 4.210 percent, which was higher than the preceding issuance’s 2.279 percent.

The debt securities were offered by the Bureau of the Treasury (BTr) for PHP35 billion, however, the auction committee granted PHP25.791 billion. The total amount of bids received was PHP53.578 billion.

In a Viber message to media, National Treasurer Rosalia de Leon said, “Market remains defensive with 4 percent inflation print for March and (Bangko Sentral ng Pilipinas) Gov. (Benjamin) Diokno comment on BSP rate action in the second half.”

The Philippine Statistics Authority (PSA) earlier in the day reported a 4 percent increase in the rate of price rises in March, up from 3 percent in February, with the increase attributed to worldwide oil price hikes and their impact on domestic oil and commodities prices.

Inflation in the first quarter of this year averaged 3.4 percent, well within the government’s goal range of 2-4 percent.

While average inflation is expected to exceed the target band this year at 4.3 percent, it is expected to average 3.6 percent next year, according to Diokno.

He noted that, aside from the growth in domestic prices, inflation expectations followed the same direction.

The impact of Russia’s invasion of Ukraine on the Philippines would be seen immediately through increasing oil prices, according to Diokno, but the attack’s other repercussions include a threat to global economic expansion, which will also hurt the home economy.

“In these circumstances, the BSP will constantly watch emerging threats to the inflation and economic outlook, and stay cautious against possible second-round impacts from supply-side pressures or any shifts in the public’s inflation expectations,” he added.

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