Treasury chief says banks remain very liquid
MANILA, Philippines–THE YIELD ON THE BENCHMARK 91-DAY TREAsury bills went up by 9.3 basis points to an average of 3.887 percent as interest rates rose across the board in this year’s last auction for government securities.
Interest on the 182-day bills went up 0.5 basis point while that for the 364-day issue rose 6.3 basis points.
The six-month debt paper now costs the government an average of 4.095 percent while the year-long issue costs 4.562 percent.
National Treasurer Roberto B. Tan said yesterday’s increases were insignificant and that the results were lower than the rates for done deals in the secondary market.
Tan said the auction was good in that all offerings were oversubscribed, showing much liquidity remaining in the market, especially with P6.9 billion worth of treasury bills maturing this week.