NextGen Day

The 91- and 182-day Treasury bills (T-bills) were partially granted by the Bureau of the Treasury (BTr) on Monday, while the one-year paper bids were completely rejected due to the rising rates.

The three-month paper’s average rate increased to 3.819 percent, and the six-month paper’s to 4.415 percent.

The rate for the 91-day paper was 2.070% when it was last given on August 22 of last year, and the rate for the 182-day paper was 3.958% during the auction on September 27.

The rate for the 364-day T-bill would have averaged 5.401 percent had the auction committee chosen to award it.

Only the one-year paper was undersubscribed after tenders reached PHP3.081 billion when the Bureau of the Treasury (BTr) offered all tenors for PHP5 billion.

The total bid for the 91-day paper was PHP7.58 billion, while PHP5.645 billion was offered for the six-month paper.

The three-month T-bill was awarded PHP1.27 billion, and the six-month paper was granted PHP2.695 billion.

The government has been turning down T-bill tenders for eight weeks, but according to National Treasurer Rosalia de Leon, it still has the power to do so.

She told reporters on Monday that “given solid income performance, (the government) have the freedom to reject should we find pricing not acceptable.”

According to BTr data, government revenue collections increased to PHP332.4 billion in August last year, a 28.23% year-over-year increase.

Spending increased by a less impressive 6.39 percent to PHP404.5 billion.

As a result, the August 2022 budget deficit was PHP72 billion, which is PHP120.9 billion less than it was in August last year.

Total income for the first eight months of this year was PHP2.368 trillion, up 18.09 percent from PHP2.005 trillion at the end of August 2021.

To PHP3.201 trillion, government spending increased by a less significant 8.02 percent.

As of the end of August this year, the budget gap was PHP833 billion, 13.06 percent less than it was during the same time the previous year.

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