MANILA – Average rates of the Philippines’ Treasury bills (T-bills) rose Thursday following the higher-than-expected rise of domestic output for the third quarter of the year, which remains among the highest in the region.
Rate of the benchmark paper, which on Thursday was cut to 89-day instead of 91-day due to the ASEAN Summit holiday, ticked-up to 2.148 percent from 1.957 percent during the auction last Oct. 23.
Banks offered a total of PHP12.925 billion, higher than the PHP8 billion offering. The auction committee made a full award.
The 180-day paper’s rate averaged at 2.563 percent, up from the 2.457 percent in the last auction.
Tenders reached PHP10.868 billion, higher than the PHP6 billion offering. This tenor was also awarded in full.
Rate of the 362-day T-bill averaged at 2.952 percent from 2.853 percent previously.
Bids reached PHP6.148 billion, higher than the PHP6 billion offering.
The auction committee, however, accepted only PHP4.498 billion of the tenders due to high rate demand by banks.