Philippine Treasury Bill Rates Climb as Oil Prices Surge
The Philippines' Treasury bill rates continue to climb as global oil prices surge due to escalating tensions in Iran and a weakening peso. The government successfully auctioned off P71.478 billion worth of T-bills, exceeding the targeted P42 billion.
The average yield on 91-day T-bills rose by 13.4 basis points to 5.348%, while six-month paper fetched an average rate of 5.781%, increasing by 15.9 bps from last week's 5.622%. One-year securities yielded 5.922%, up 11.5 bps from the previous week.
Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort attributed the higher T-bill rates to global crude oil prices reaching new highs, inflation concerns, and a weak peso, which may lead to further monetary tightening by the Bangko Sentral ng Pilipinas (BSP).