The Philippine government raised P21.7 billion from a Treasury bill auction on Monday as the Bureau of the Treasury (BTr) fully awarded its shorter-dated maturities while partially granting longer-term securities amid rising market yields.
The BTr reported mixed results for the auction, which saw total tenders reach P36.7 billion against an initial offering of P27 billion.
The exercise was 1.4 times oversubscribed, but the government opted to limit its borrowing on the one-year tenor to manage costs.
The committee awarded P9 billion each for the 91-day and 182-day T-bills. However, it only awarded P3.71 billion for the 364-day securities, falling short of the intended P9 billion target for that bracket.
Total tenders for the 91-day tenor reached P16.61 billion with an average rate of 5.004 percent. The 182-day tenor attracted P13.83 billion in bids and fetched an average rate of 5.032 percent. For the 364-day tenor, bids totaled P6.31 billion with an average rate of 5.166 percent.
Reyes Tacandong & Co. senior adviser Jonathan Ravelas said the auction results signal a cautious market where investors are demanding more yield amid higher global rates.
“The BTr is choosing to be selective rather than borrow at any cost. Rising rates reflect inflation and Fed uncertainty, not a funding problem. For now, government cash buffers remain healthy—but borrowing will stay expensive in the near term,” Ravelas said.
