THE Bureau of the Treasury raised P175 billion from its latest issuance of three-year retail treasury bonds, including those generated from roadshows conducted nationwide.
National Treasurer Rosalia de Leon said in a statement Friday total bids for the RTBs reached P500 billion but the Treasury awarded just P105 billion in roadshow auctions.
“We received more than P500 billion and accepted more than P105 billion in addition to P70 billion from the auction,” de Leon said in a statement.
The amount raised was significantly bigger than the 10-year, P100 billion generated in September last year, the first issuance under the administration of President Rodrigo Duterte.
The agency earlier said the issuances were aimed at augmenting funds for the implementation of development projects under the Duterte administration, especially infrastructure projects.
The auction conducted on March 28 drew strong demand and fetched a coupon rate of 4.25 percent with total tenders reaching P86.2 billion for a bid-to-cover ratio of 2.87 percent.
This prompted the bureau’s auction committee to expand the offering from the initial announcement of P30 billion to P70 billion to accommodate market appetite.
De Leon said the 19th issuance provided invaluable contributions and “made a difference.”
“For the government, it has evolved as a staple platform in the government’s financing program, allowing us to achieve twin objectives of inward bias to take advantage of ample domestic liquidity and reduce foreign exchange exposure,” she said.
She said the auction also helped inculcate good money habits by providing access to an affordable and secure instrument that yields favorable returns to help achieve one’s goals.