Investors swamp T-bill auction

91-day bill’s rate at 4.421%.

MANILA, Philippines — Investors swamped Monday’s auction of Treasury bills as the government’s offers were oversubscribed by at least twice across all tenors amid expectations of continued cuts in the policy rates of the central bank.

Rates for the bellwether 91-day bills went up 2.7 basis points to 4.421 percent from 4.394 percent.

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