Gov't sets P629-B local borrowing in Q1

The government plans to borrow P629 billion from the local debt market in the first quarter in the hope of favorable yields, as the Bangko Sentral ng Pilipinas cut policy rates in December.

- - Keisha Ta-asan

In a memorandum to all government securities eligible dealers yesterday, the Bureau of the Treasury said it is targeting to raise P264 billion via the auction of 91, 182 and 364-day treasury bills (T-bills) from January to March next year.

The government aims to raise another P365 billion via the sale of Treasury bonds (T-bonds) with maturities of three to 25 years in the first quarter of 2024.

The Treasury holds the auction of short-term T-bills every Monday and long-term T-bonds every Tuesday.