Philippine benchmark interest rates for short-term loans jacked up following the Bangko Sentral ng Pilipinas’ surprise off-cycle move last week, along with expectations that the central bank could deliver more aggressive tightening.
Yield on the 182-day T-bill also rose to 3.083 percent from the previous 2.907 percent as investors were willing to buy P8.89 billion of the six-month IOUs. The government, however, awarded only P2.9 billon of the P5 billion program.The one-yield debt papers attracted P8.02 billion worth of bids, and the government awarded the full P5 billion on offer.
The latest BSP policy action followed two back-to-back rate increases of 25 basis points each in May and June.But despite a rising interest rate environment, Finance Secretary Benjamin E. Diokno said the Philippine economy would continue its robust expansion pace this year.
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