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Manila Bulletin devider Business devider Banking & Finance devider Gov't borrowing costs hit 15-week low on rate easing expectations

Gov't borrowing costs hit 15-week low on rate easing expectations

Published Oct 20, 2025 02:27 pm
The Marcos administration has successfully borrowed ₱22 billion through the sale of short-dated Treasury bills (T-bills) at slightly lower costs, backed by relatively stable demand driven by the continued effect of the latest key policy rate easing.
During the latest T-bills auction on Monday, Oct. 20, the Bureau of the Treasury (BTr) fully awarded its planned fundraising of ₱22 billion, with total bids reaching ₱97.17 billion—more than four times the amount of debt paper offered.
This week’s total bids were slightly lower than the ₱97.19 billion in tenders from the previous T-bill auction on Oct. 13.
The government fully awarded the ₱7 billion offering for 91-day T-bills. Total tenders reached ₱28.7 billion. The average rate was 4.884 percent, slightly higher than the 4.880 percent in the previous week.
For 182-day debt paper, the BTr raised ₱7.5 billion, fully awarding the offered amount. Bids reached ₱40.6 billion. It fetched an average rate of 5.058 percent, 1.4 basis points (bps) lower than last week’s 5.072 percent.
Lastly, the BTr borrowed the offered ₱7.5 billion through 364-day IOUs. Demand reached ₱27.9 billion. Similarly, the average rate dropped slightly by 2.2 bps to 5.097 percent from 5.119 percent in the previous auction.
Prior to Monday’s auction, PHP Bloomberg Valuation (PHP BVAL) Reference Rates showed that the 91-, 182-, and 364-day T-bills were quoted at 4.971 percent, 5.138 percent, and 5.203 percent, respectively.
Average rates across the board were higher than the key borrowing cost set by the Bangko Sentral ng Pilipinas (BSP) at 4.75 percent.
According to Michael Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC), the borrowing costs for short-term government debt securities have fallen for the 15th week, which could be attributed to the continued effect of the surprise reduction in the key policy rate this month.
Ricafort also cited the central bank’s more dovish tilt throughout the year, which has raised expectations of further easing at the last policy meeting of the Monetary Board (MB) in December.
BSP Governor Eli M. Remolona Jr. has recently sounded more dovish than before, noting that the BSP could ease further in 2025 or even beyond that.

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Bureau of the Treasury government borrowings
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