By Donnabelle L. Gatdula
The Philippine Star 08/23/2005
Treasury bill (T-bill) rates went up across the board yesterday as the market anticipates a favorable Supreme Court (SC) decision on the expanded value-added tax (EVAT) law.
The yield for the benchmark 91-day Treasury bill (T-bill) went up to 5.662 percent at yesterday’s auction from 5.622 percent a week ago.
The 182-day yield increased to 7.592 percent from 7.440 percent the previous week, while the rate for the 364-day T-bill rose to 8.637 percent from 8.476 percent.
Banks and other investors bought P4.96 billion of debt securities out of the P6 billion of bills on sale. Investors submitted bids totaling P10.228 billion.
Finance Undersecretary Roberto Tan did not explain why they rejected most of the offers for the three-month bills but said "we are just following the expectation of the market."
He said the market is looking forward to the SC decision and the planned issuance of retail Treasury bills (RTBs) sometime soon.
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