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NEWS UPDATES Asean Affairs        19  April 2011

Philippine T-bills slump

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Philippine Treasury bill (T-bill) rates declined to new record lows on the back of the huge improvement in the country’s fiscal position as well as strong liquidity in the financial system. This prompted the Bureau of Treasury to open a tap facility to sell an extra P9 billion (US$207.45 million) worth of debt papers after investors swarmed yesterday’s auction.

The benchmark 91-day T-bills, used by banks in pricing their loans, fell by 22 basis points to 0.680 percent, a new record low yesterday, from 0.900 percent last April 4. This was also the lowest yield since the three-month T-bills fetched 0.700 percent last Jan. 10.

On the other hand, the 182-day debt papers fetched a new all-time low of 0.898 percent or 30.7 basis points lower than the previous average of 1.125 percent while the yield of 364-day T-bills hit a new record low of 1.968 percent or 22.3 basis points lower than the previous yield of 2.191 percent.

“It was a pleasant surprise,” Deputy Treasurer Eduardo Mendiola told reporters about the sharp drop in T-bill rates yesterday.

He said the market is awash with liquidity as P26 billion worth of T-bills are scheduled to mature tomorrow.

Mendiola pointed out that tenders for the 91-, 182-, and 364-day T-bills reached P30.935 billion yesterday or more than three times the issue size of P9 billion.

Tenders for the three-month debt paper reached P7.568 billion and the auction committee accepted P2.1 billion instead of onl.y P1.5 billion.

Bids for the six-month T-bills amounted to P11.867 billion and the committee made a full award of P3.5 billion while tenders for the one-year debt paper amounted to P11.5 billion of which the committee made a full award of P4 billion.

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This year in Thailand-what next?

AseanAffairs   04 January 2011
By David Swartzentruber      

It is commonplace in journalism to write two types of articles at the transition point between the year that has passed and the New Year. As this writer qualifies as an “old hand” in observing Thailand with a track record dating back 14 years, it is time take a shot at what may unfold in Thailand in 2011.

The first issue that can’t be answered is the health of Thailand’s beloved King Bhumibol, who is now 83 years old. He is the world's longest reigning monarch, but elaborate birthday celebrations in December failed to mask concern over his health. More


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