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Benchmark T-bill rate up to 5.898% |
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By Donnabelle L. Gatdula
The Philippine Star 10/04/2005 The yield for the 91-day Treasury bill (T-bill), which banks use as a benchmark for loan rates, rose to 5.898 percent at yesterday’s auction from 5.818 percent at the last sale on Sept. 26 as the market concentrated on long-term debt papers. Analysts said the strong demand for the longer-term tenors brought down the rates of the 182-day and 364-day T-bills. The 182-day T-bill yield decreased to 8.026 percent from 8.103 percent last week. The 364-day yield fell to 9.042 percent from 9.049 percent. The government sold P3.194 billion of the P4.5 billion worth of securities it offered. Investors submitted bids totaling P13.1 billion. "The six months and one year T-bills were oversubscribed. The market did not have appetite for three-months as shown in their tender," National Treasurer Omar Cruz said yesterday. Cruz said the government may also consider the cancellation of public sale of P8.5 billion worth of bonds in November. Meanwhile, Finance Secretary Margarito Teves said they are looking at the possibility of convincing the multilateral creditors to provide a refinancing window to lower the interest rates. However, he said the proposal is still on a preliminary stage. "We are developing a scheme. We are in the talking stage. We have to come up with mutually agreed upon terms," he said. The savings that can be generated from this arrangement would allow us to allocate more on infrastructure and social services," he said. Teves said they also have discussions on debt relief which he believed should call for a more specific debt relief mechanism. "We should be able to classify and specify which country is asking for debt relief. Developing country like the Philippines may differ from the need of highly-indebted and low income countries. The Philippines still has access to the financial market," he said. |
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