T-bill rates mostly dropped, tracking dovish BSP

Results of the Treasury Bills auction on Monday, April 28, 2025.

MANILA, Philippines – The government was able to raise its target amount of short-dated local debts during Monday’s sale of Treasury bills (T-bills) after rates mostly fell, as the market continued to follow the dovish signals of the Bangko Sentral ng Pilipinas (BSP).

Auction results showed the Bureau of the Treasury borrowed P25 billion via T-bills.

The offering was 3.2 times oversubscribed, attracting P80.3 billion in total tenders.

The 91-, 182-, and 364-day T-bills fetched average rates of 5.546 percent, 5.655 percent and 5.688 percent, respectively.

“The latest Treasury bill average auction yields mostly corrected slightly lower, after slightly higher for most weeks over the past month, after local monetary officials reiterated dovish signals amid inflation already below the BSP inflation target range,” said Michael Ricafort, chief economist at Rizal Commercial Banking Corp..