Treasury to borrow P200B locally in February

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MANILA, Philippines—The Treasury Board will borrow P200 billion locally in February through its weekly treasury bill and bond auctions.

The amount to be raised in the domestic debt market next month matched this month’s 200 billion peso program.

In a memorandum on Wednesday, National Treasurer Rosalia de Leon told All Government Securities Eligible Dealers (GSED) that the Treasury will offer 15 billion pesos each in treasury bills on January 31 as well as February 7, 14 and 21.

Settlement of these short-term debt securities will occur on Wednesdays after auctions throughout February.

The volume of 5 billion pesos each by duration – the benchmark securities at 91 days, 182 days and 364 days – was maintained, similar to the January offers.

The Treasury also kept the weekly treasury bill volume of 35 billion pesos for the four Tuesdays in February.

It will offer four-year bonds on February 1, seven-year IOUs on February 15 and 10-year securities on February 8 and 22.

London-based think tank Capital Economics expects 10-year local currency government bond yields in the Philippines to reach 5% by the end of 2022 and 5.25% next year vs. 4.96% on January 25, the US Federal Reserve to raise interest rates three to four times this year.

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