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Mixed results are recorded by PH T-bill rates.

As interest rates rise both domestically and internationally, the rate of Treasury notes (T-bills) in the Philippines finished mixed on Monday.

The average rate for the 91-day paper fell to 1.850 percent, but it increased for the 182 and 364-day papers to 3.211 and 3.635 percent, respectively.

During the auction on August 1st, they were at 2.090 percent, 3.188 percent, and 3.480 percent for the three-month, six-month, and one-year T-bills.

All tenors were offered by the Bureau of the Treasury (BTr) for PHP5 billion each, and the auction committee gave full awards to all bidders.

Total bids for the three-month paper came to PHP18.69 billion, while those for the six-month and one-year papers totaled PHP17.165 billion and PHP7.91 billion, respectively.

Previously, National Treasurer Rosalia de Leon linked the increases in government security rates to an increase in the policy rates of the Federal Reserve and the Bangko Sentral ng Pilipinas (BSP), mostly as a result of the high inflation rates.

Analysts continue to predict future rises due to predicted further acceleration in domestic inflation rate as well as rate hike comments from BSP Governor Felipe Medalla, even though the BSP’s policy rates have already increased by a total of 125 basis points.

Relatively speaking, the Federal Funds Rate has risen by around 2.25 percentage points to date, to a range between 2.25 and 2.5 percent, and additional increases are expected this year, with the US inflation rate currently at a four-decade high.


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