MANILA, Philippines — The Marcos administration plans to sell P735 billion worth of Treasury bills (T-bills) and Treasury bonds (T-bonds) in the second quarter of 2025 to provide budgetary support and help repay old debt.
In a bulletin dated March 24, the Bureau of the Treasury (BTR) announced the planned offerings of P325 billion worth of T-bills and P410 billion of T-bonds from April to June.
In April alone, the government plans to offer P8 billion in 91-day T-bills, P8 billion in 182-day T-bills and P9 billion in 364-day T-bills. The auctions will be held on April 2, 10, 16, 23 and 30.
Similar offerings will follow in the succeeding two months, with scheduled issue dates on May 7, 14, 21 and 28, as well as June 4, 11, 18, and 25.
For longer tenors, the government plans to offer P30 billion each worth of 5-year, 7-year, 10-year and 15-year T-bonds.
In April, auctions are scheduled for the 3rd, 10th, 16th and 24th of the month.
Similar auctions will take place on May 2, 8, 15, 22 and 29, as well as on June 5, 13, 19 and 26.
Recent auctions
On March 4, the BTR raised P30 billion from reissued T-bonds with a remaining term of five years and four months.
Auction results showed strong investor interest, with total tenders reaching P56.8 billion — more than twice the initial offering.
Despite the high demand, the bonds fetched an average rate of 6.019 percent, higher than the 5.968 percent recorded in the previous auction of the same tenor on February 4.
Meanwhile, the BTR raised P30.8 billion from its T-bill auction on March 17, surpassing its initial target of P22 billion.
Investor demand was strong, with total bids reaching P118.9 billion — 5.4 times the planned issuance.
The overwhelming interest reflects continued confidence in short-term government securities despite prevailing market conditions.
The strong demand in the Philippine bond market comes amid heightened global uncertainty, as highlighted by the Asian Development Bank (ADB).
In a report on Thursday, the ADB noted that financial markets in emerging East Asia weakened slightly between December 2024 and February 2025, driven by expectations of prolonged high interest rates in the United States. Shifting U.S. economic policies, particularly on tariffs, also escalate the uncertainties.
Despite these challenges, the local currency bond market in the region has continued to expand, growing 3.1 percent quarter-on-quarter in the fourth quarter of 2024, with total issuance reaching $2.6 trillion.