MANILA — The Bureau of the Treasury (BTr) partially awarded Treasury bills (T-bills) following higher bid yields in the latest auction.

The 91-, 182-, and 364-day T-bills earned average rates of 4.900 percent, 4.948 percent, and 5.066 percent, respectively, all above last week’s rates of 4.677 percent, 4.795 percent, and 4.849 percent.

The BTr auction committee awarded ₱19.2 billion out of the ₱27-billion offering after partially granting bids across all three tenors. The auction was 1.4 times oversubscribed, attracting a total of ₱36.8 billion in tenders.

“Treasury bill average auction yields again went up for the 3rd straight week or since the war in (the) Middle East started,” Michael Ricafort, chief economist at Rizal Commercial Banking Corporation, said in a Viber message.

Ricafort added that T-bill yields are expected to continue rising in the coming weeks due to the inflationary impact of the ongoing Middle East conflict.