Benchmark yields for short-term loans went down on the back of strong demand.
At Monday's auction of Treasury bills on Jan. 30, the national government raised P15 billion as programmed after total demand reached P61.85 billion
The 91-day Treasury bill rate declined to 4.152 percent from 4.211 percent last week.
The Treasury sold the P5 billion worth of three-month debt papers on offer. Investors, however, were asking for P16.58 billion of the government security or IOU.
Yield on the 182-day T-bill also decreased to 4.912 percent from the previous 4.967 percent as investors were willing to buy P17 billion of the six-month IOUs. The government awarded the full P5 billion program.
Lastly, interest rate on the one-year IOU has declined to 5.428 percent from 5.448 percent last week.
The one-yield debt papers attracted only P28.27 billion worth of bids, and the government accepted only P5 billion as planned.
“The lower interest rates and strong demand have resulted in full award across all tenors for the T-bill offering today ,” National Treasurer Rosalia V. De Leon told reporters.