MANILA – The Bureau of the Treasury (BTr) fully awarded bids for Treasury bills (T-bills) during Monday’s auction.

The 91-, 182-, and 364-day T-bills fetched average rates of 5.318 percent, 5.535 percent, and 5.637 percent, respectively – all lower than secondary market rates.

As of Aug. 4, the comparative PHP Bloomberg Valuation (BVAL) was at 5.415 percent for the three-month tenor, 5.557 percent for the six-month tenor, and 5.663 percent for the one-year tenor.

The auction was 3.5 times oversubscribed, attracting PHP87.3 billion in total tenders, prompting the Auction Committee to double the accepted non-competitive bids for the 182-day T-bills to PHP6.8 billion.

With its decision, the Committee raised a total of PHP28.4 billion, higher than the PHP25 billion initial offer.

An economist noted that T-bills’ average auction yields eased a day before the release of the July inflation data, which is expected to remain benign.

The average yield of T-bills also declined ahead of the maturities of about PHP800 billion worth of Treasury bonds from August to September this year, which could increase market liquidity.

Bureau of the Treasury

The **Bureau of the Treasury (BTr)** is a Philippine government agency responsible for managing the national government’s finances, including revenue collection, debt servicing, and cash resources. Established during the American colonial period in 1899, it evolved from the Spanish-era *Tesorería General* and now operates under the Department of Finance. The BTr plays a key role in fiscal policy, ensuring efficient fund allocation and public debt management.