The national government has borrowed P22 billion in the domestic market through the sale of short-term debt papers (treasury bills) at yesterday’s auction.
Interest rates also further declined. The three-month yield settled at 0.977 percent, lower than the 0.987 percent in the previous week.

The six-months notes also dropped from 1.369 percent to 1.360 percent, while one-year IOUs weakened to 1.605 percent compared with 1.614 percent last week.
The Bureau of the Treasury said the interest rates were also lower compared with the secondary market benchmark rates.
The auction was more the four-times oversubscribed with total bids reaching P86.7 percent, prompting the government to upsize the amount offered for the 182-day Treasury bills by additional P2 billion.
With the decision, the Treasury raised a total of P22 billion, higher than the P20 billion program for this week. National Treasurer Rosalia V. De Leon said interest rates were trending down due to “abundant liquidity” in the domestic market. She added that investor’s preference is also on the front end of the curve.(