The national government raised P9.7 billion out of the P15-billion target from its offering of short-term securities this week as the auction committee moved to lower the benchmark rate even as lenders mostly sought higher yields. | RonWDomingoINQ /PDI
The resulting average rate for the benchmark T-bills was 3.1 bps lower than the prevailing rate of 4.617 percent for corresponding done deals at the secondary market.
All tenors were oversubscribed, with lenders—which are mostly banking groups—making available P5.172 billion for the 91-day T-bills; P6.8 billion for the 182-day T-bills; and P8.157 billion for the 364-day T-bills.According to Fitch Ratings, a significant impact on banks of cumulative policy rate hikes of the Bangko Sentral ng Pilipinas was “unlikely.”
“However, [we] expect the sector non-performing loan ratio to remain steady at around 3.5 percent by end-2023 , as risks are largely offset by the adequate financial buffers of large corporate borrowers and a supportive economy,” the credit watchdog said.
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