Defying hawkish BSP, T-bill rates slide | Inquirer Business

MANILA -The government was able to borrow its target amount of P10 billion during Tuesday’s auction of Treasury bills after rates significantly went down this week despite the recent hawkish signals from the Bangko Sentral ng Pilipinas (BSP). Auction results showed the T-bills attracted bids amounting to P72.2 billion, 7.2 times bigger than the original size of the offer. The robust demand, in turn, lowered borrowing costs for the government. Average yield for the 91-day securities stood at 4.753 percent, a big drop from 6.123 percent seen in the last T-bills sale on Nov. 13. The 182-day paper, meanwhile, fetched an average rate of 5.181 percent, markedly lower than the 6.513 percent recorded in the previous auction. Lastly, the average…