NextGen Day

MANILA, Philippines — On Tuesday, the rate on the Philippines’ five-year Treasury bond (T-bond) increased, mainly in response to increases in US Treasury rates.

The debt paper’s average rate rose to 4.968 percent from 4.669 percent previously.

The debt instrument was presented by the Bureau of the Treasury (BTr) for PHP35 billion, however, the auction committee accepted PHP22.027 billion. The total amount of bids received was PHP45.907 billion.

“Rates higher as UST (United States Treasuries) continue to fly higher after Fed(eral Reserve) minutes release and more hawkish statements for Fed to start balance sheet runoff aside from aggressive rate hikes,” National Treasurer Rosalia de Leon said in a Viber message to journalists on Tuesday.

According to minutes from the Federal Open Market Committee (FOMC) meeting on March 15-16, the US monetary authorities plan to raise key rates further as inflation continues to rise and the impact of the Ukraine-Russia war on the US economy remains “highly uncertain,” though the short-term impact is expected to “create additional upward pressures on inflation and weigh on economic activity.”

“Markets also expect US inflation to break 8% in March,” de Leon said, citing recent events.

This is greater than last February’s 7.9%, which was a four-decade high.

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