T-bills rates continue to climb

Results of the Treasury Bills auction on Monday, March 31, 2025.

MANILA, Philippines – Yields on Treasury bills (T-bills) continued to climb on Monday as markets remain nervous about the upcoming tariff actions of US President Donald Trump.

Results of the Bureau of the Treasury’s latest auction showed that the 91-day T-bill rate was capped at 5.307 percent, up from 5.157 percent last week, due to subdued demand and a wide dispersion of submitted bids, some exceeding the rates of the longer-tenor T-bills.

READ: Treasury bill rates climb

The 182-day and 364-day T-bills, meanwhile, fetched average rates of 5.646 percent and 5.748 percent, respectively, up from last week’s 5.554 percent and 5.681 percent.

Despite the higher interest, the auction attracted P45.7 billion in total tenders, making it 1.8 times oversubscribed against the P25 billion total offering.

BTr fully awarded bids for the 182-day and 364-day (T-bills but only partially awarded the 91-day securities.

Consequently, the committee raised P24.2 billion of the intended P25 billion.