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Gov t fully awards T-bill offering on strong demand from market

Gov’t fully awards T-bill offering on strong demand from market May 25, 2021 | 12:02 am BW FILE PHOTO THE GOVERNMENT fully awarded the Treasury bills (T-bills) it offered on Monday as demand for safe assets remained high amid ample liquidity in the market. The Bureau of the Treasury (BTr) borrowed P25 billion as planned via the T-bills on Monday as total tenders reached P75.844 billion, making the offer over three times oversubscribed. However, this was lower than the P83.6 billion in demand seen during last week’s offering. Broken down, the government raised the programmed P5 billion from the 91-day debt papers as bids for the tenor reached P16.965 billion. The three-month T-bills fetched an average rate of 1.269%, down by 0.1 basis point (bp) from the 1.270% quoted last week.

Time to plant our feet on the ground

Time to plant our feet on the ground BusinessWorld 4 hrs ago © Provided by BusinessWorld Last Wednesday, nearly all the broadsheets reported that the Government’s Development Budget Coordination Committee (DBCC) finally slashed the Philippines’ growth target for 2021 from 6.5-7.5% to 6-7%. We can only surmise that the Philippine Statistics Authority’s (PSA) release of the first quarter real GDP growth of minus 4.2% must have forced the hands of the authorities. In a joint statement, our economic managers declared that “the emerging GDP growth projection is slightly adjusted… in view of the emergence of new COVID-19 variants and the reimposition of enhanced community quarantine (ECQ) in the National Capital Region (NCR) Plus area during the second quarter of the year.”

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