The Bureau of the Treasury (BTr) fully awarded bids for Treasury bills (T-bills) during Monday’s auction, with average rates declining across all tenors. The 91-day, 182-day, and 364-day T-bills fetched average rates of 5.046%, 5.222%, and 5.376%, respectively—lower than the previous auction rates and prevailing secondary market yields.
Last week, the average rates for the 91-, 182-, and 364-day T-bills were 5.173%, 5.323%, and 5.457%, respectively.
Rizal Commercial Banking Corporation chief economist Michael Ricafort attributed the continued decline in yields—now in its tenth consecutive week—to market anticipation of a 0.25 basis point rate cut by the Bangko Sentral ng Pilipinas (BSP) on August 28, 2025. Signals from Finance Secretary Benjamin Diokno and BSP Governor Felipe Medalla about further rate cuts by year-end have prompted investors to lock in yields before they fall further.
The auction was oversubscribed by 6.3 times, attracting total tenders worth PHP156.4 billion. The Auction Committee raised the full program amount of PHP25 billion for the auction.