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T-bill rates dip further, 91-day at 6.174% |
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The Manila Bulletin 05/10/2005
Rates on all Treasury bills fell for the third week in a row at yesterday’s auction, with total tenders more than four times the offering, the Bureau of Treasury said. The average rate for the benchmark 91-day, which banks use in pricing loans, eased to 6.174 percent, from last week’s 6.319 percent, on a full award of P2.0 billion. Tenders totalled P9.46 billion. National Treasurer Omar Cruz said banks still had so much cash that they want to invest in government securities. He added that market sentiment has also improved as annual inflation was steady at 8.5 percent for the third month in a row in April. "The liquidity is still there, and inflation is under control," he told reporters after the auction. Cruz said the market also cheered news that lawmakers have finally reached a compromise on the crucial value-added tax (VAT) legislation, after weeks of debates. Media reports here said the lawmakers have agreed to retain the VAT on goods and services at 10 percent, and grant President Gloria Arroyo standby authority to raise the rate to 12 percent from January 2006. Lawmakers expect the new value-added tax (VAT) law to generate at least P60 billion in additional revenues for the government annually, to help it reduce its borrowings needed to plug its yawning budget deficit. The 182-day rate averaged 7.349 percent, compared to 7.574 percent, last week, on a full award of P2.0 billion. Tenders amounted to P9.419 billion. The average one-year rate fell to 8.312 percent, from 8.533 percent, , on a full award of P2.0 billion. Tenders reached P8.208 billion. |
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