RATES of the Treasury bills (T-bills) and Treasury bonds (T-bonds) to be offered this week could end mixed, tracking secondary market yields, as players continueRATES of the Treasury bills (T-bills) and Treasury bonds (T-bonds) to be offered this week could end mixed, tracking secondary market yields, as players continue

T-bill, bond rates may end mixed on BSP bets

RATES of the Treasury bills (T-bills) and Treasury bonds (T-bonds) to be offered this week could end mixed, tracking secondary market yields, as players continue to make bets on the Bangko Sentral ng Pilipinas’ (BSP) next move amid benign inflation and a weakening economy.

The Bureau of the Treasury (BTr) will auction off P27 billion in T-bills on Monday, or P9 billion each in 91-, 182-, and 364-day papers.

On Tuesday, the government will offer P30 billion in reissued 20-year T-bonds with a remaining life of seven years and two months.

T-bill and T-bond yields could follow the mixed week-on-week movement at the secondary market on Friday as the market continues to weigh recent comments from BSP Governor Eli M. Remolona, Jr. on the Monetary Board’s policy path, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.

Meanwhile, a trader said in an e-mail that the T-bonds could fetch rates ranging from 5.875% to 5.925%, with the offering expected to become a test of market appetite for longer tenors.

At the secondary market on Friday, yields on the 91-, 182-, and 364-day T-bills went down by 0.34 basis point (bp), 2.86 bps, and 3.18 bps week on week to end at 4.7975%, 4.8811%, and 4.9428%, respectively, based on PHP Bloomberg Valuation Service Reference Rates data as of Jan. 16 published on the Philippine Dealing System’s website.

Meanwhile, the 20-year bond rose by 8.32 bps week on week to yield 6.4875%, while the seven-year debt, which is the tenor closest to the remaining life of the papers on offer this week, inched up by 0.83 bp to fetch 5.8923%.

The Monetary Board will hold its first meeting for this year on Feb. 19.

The BSP on Dec. 11 delivered a fifth straight 25-bp reduction in benchmark interest rates, bringing the policy rate to an over three-year low of 4.5%.

It has lowered borrowing costs by a total of 200 bps since its rate cut cycle began in August 2024.

Mr. Remolona has left the door open to one more 25-bp cut this year that would likely mark the end of their current easing round to help boost domestic demand and spur economic recovery.

Lingering governance concerns due to a corruption scandal involving state infrastructure projects have dragged both public and private investments, causing Philippine gross domestic product growth to slump to a four-year low of 4% in the third quarter of 2025.

Analysts have said that the central bank could ease further to help prop up the economy as inflation remains under control.

Philippine headline inflation averaged 1.7% in 2025, easing from 3.2% in 2024. This was the slowest rate in nine years or since the 1.3% clip in 2016.

This was also below the BSP’s 2%-4% target but a tad higher than its full-year forecast of 1.6%.

The BSP said higher electricity costs, base effects, and a weakening peso could bring inflation back within its target band this year. The central bank expects the consumer price index to average 3.2% for 2026 and 3% in 2027.

Last week, the Treasury raised P37.8 billion via the T-bills it auctioned off, higher than the P27-billion plan, as the offer was more than four times oversubscribed, with total tenders reaching P113.096 billion. The BTr doubled its acceptance of noncompetitive bids for all tenors to P7.2 billion each.

Broken down, the government awarded P12.6 billion in 91-day T-bills, above the P9-billion plan, as demand for the tenor reached P35.433 billion. The three-month paper fetched an average rate of 4.731%, decreasing by 2.4 bps from yield seen at the previous auction. Yields accepted were from 4.723 to 4.743%.

The Treasury also increased the award for the 182-day debt to P12.6 billion versus the P9-billion program as tenders hit P43.628 billion. The average rate of the six-month T-bill was at 4.85%, easing by 4.5 bps the previous week. Tenders awarded carried yields from 4.843% to 4.863%.

Lastly, the BTr raised the award for the 364-day securities to P12.6 billion from the P9-billion plan as the tenor attracted bids totaling P34.035 billion. The one-year paper’s average yield was at 4.916%, down by 2.1 bps. Accepted rates were from 4.9% to 4.928%.

Meanwhile, the reissued 20-year T-bonds to be offered on Tuesday were last auctioned off on June 29, 2021, where the government raised P35 billion as planned at an average rate of 4.187%, above the 3.625% coupon rate.

The Treasury wants to raise P180 billion from the domestic market this month, or P110 billion via T-bills and P70 billion through T-bonds.

The government borrows from local and foreign sources to help fund its budget deficit, which is capped at P1.647 trillion or 5.3% of gross domestic product this year. — A.M.C. Sy

Market Opportunity
BarnBridge Logo
BarnBridge Price(BOND)
$0.10025
$0.10025$0.10025
-2.09%
USD
BarnBridge (BOND) Live Price Chart
Disclaimer: The articles reposted on this site are sourced from public platforms and are provided for informational purposes only. They do not necessarily reflect the views of MEXC. All rights remain with the original authors. If you believe any content infringes on third-party rights, please contact service@support.mexc.com for removal. MEXC makes no guarantees regarding the accuracy, completeness, or timeliness of the content and is not responsible for any actions taken based on the information provided. The content does not constitute financial, legal, or other professional advice, nor should it be considered a recommendation or endorsement by MEXC.

You May Also Like

China Launches Cross-Border QR Code Payment Trial

China Launches Cross-Border QR Code Payment Trial

The post China Launches Cross-Border QR Code Payment Trial appeared on BitcoinEthereumNews.com. Key Points: Main event involves China initiating a cross-border QR code payment trial. Alipay and Ant International are key participants. Impact on financial security and regulatory focus on illicit finance. China’s central bank, led by Deputy Governor Lu Lei, initiated a trial of a unified cross-border QR code payment gateway with Alipay and Ant International as participants. This pilot addresses cross-border fund risks, aiming to enhance financial security amid rising money laundering through digital channels, despite muted crypto market reactions. China’s Cross-Border Payment Gateway Trial with Alipay The trial operation of a unified cross-border QR code payment gateway marks a milestone in China’s financial landscape. Prominent entities such as Alipay and Ant International are at the forefront, participating as the initial institutions in this venture. Lu Lei, Deputy Governor of the People’s Bank of China, highlighted the systemic risks posed by increased cross-border fund flows. Changes are expected in the dynamics of digital transactions, potentially enhancing transaction efficiency while tightening regulations around illicit finance. The initiative underscores China’s commitment to bolstering financial security amidst growing global fund movements. “The scale of cross-border fund flows is expanding, and the frequency is accelerating, providing opportunities for risks such as cross-border money laundering and terrorist financing. Some overseas illegal platforms transfer funds through channels such as virtual currencies and underground banks, creating a ‘resonance’ of risks at home and abroad, posing a challenge to China’s foreign exchange management and financial security.” — Lu Lei, Deputy Governor, People’s Bank of China Bitcoin and Impact of China’s Financial Initiatives Did you know? China’s latest initiative echoes the Payment Connect project of June 2025, furthering real-time cross-boundary remittances and expanding its influence on global financial systems. As of September 17, 2025, Bitcoin (BTC) stands at $115,748.72 with a market cap of $2.31 trillion, showing a 0.97%…
Share
BitcoinEthereumNews2025/09/18 05:28
Zero Knowledge Proof Auction Limits Large Buyers to $50K: Experts Forecast 200x to 10,000x ROI

Zero Knowledge Proof Auction Limits Large Buyers to $50K: Experts Forecast 200x to 10,000x ROI

In most token sales, the fastest and richest participants win. Large buyers jump in early, take most of the supply, and control the market before regular people
Share
LiveBitcoinNews2026/01/19 08:00
IP Hits $11.75, HYPE Climbs to $55, BlockDAG Surpasses Both with $407M Presale Surge!

IP Hits $11.75, HYPE Climbs to $55, BlockDAG Surpasses Both with $407M Presale Surge!

The post IP Hits $11.75, HYPE Climbs to $55, BlockDAG Surpasses Both with $407M Presale Surge! appeared on BitcoinEthereumNews.com. Crypto News 17 September 2025 | 18:00 Discover why BlockDAG’s upcoming Awakening Testnet launch makes it the best crypto to buy today as Story (IP) price jumps to $11.75 and Hyperliquid hits new highs. Recent crypto market numbers show strength but also some limits. The Story (IP) price jump has been sharp, fueled by big buybacks and speculation, yet critics point out that revenue still lags far behind its valuation. The Hyperliquid (HYPE) price looks solid around the mid-$50s after a new all-time high, but questions remain about sustainability once the hype around USDH proposals cools down. So the obvious question is: why chase coins that are either stretched thin or at risk of retracing when you could back a network that’s already proving itself on the ground? That’s where BlockDAG comes in. While other chains are stuck dealing with validator congestion or outages, BlockDAG’s upcoming Awakening Testnet will be stress-testing its EVM-compatible smart chain with real miners before listing. For anyone looking for the best crypto coin to buy, the choice between waiting on fixes or joining live progress feels like an easy one. BlockDAG: Smart Chain Running Before Launch Ethereum continues to wrestle with gas congestion, and Solana is still known for network freezes, yet BlockDAG is already showing a different picture. Its upcoming Awakening Testnet, set to launch on September 25, isn’t just a demo; it’s a live rollout where the chain’s base protocols are being stress-tested with miners connected globally. EVM compatibility is active, account abstraction is built in, and tools like updated vesting contracts and Stratum integration are already functional. Instead of waiting for fixes like other networks, BlockDAG is proving its infrastructure in real time. What makes this even more important is that the technology is operational before the coin even hits exchanges. That…
Share
BitcoinEthereumNews2025/09/18 00:32