The Bureau of the Treasury (BTr) raised P30.8 billion from its Treasury bills auction on Monday, higher than its initial offer of P22 billion after rates mostly declined amid cheaper oil prices in the global market.

The BTr auctioned off 91-day, 182-day, and 364-day papers which fetched total bids amounting to P90.6 billion or 4.1 times oversubscription.

The Treasury awarded P9.8 billion for the three-month papers, higher than the original program of P7 billion. The papers posted an average rate of 5.178 percent, down from 5.283 percent in the auction last 3 March.

The BTr also awarded another P9.8 billion for the six-month papers, up from the P7-billion initial offer. The debt papers fetched an average rate 5.548 percent, lower than the 5.610 percent in last week’s auction.

Oversubscribed issue

BTr also awarded P11.2 billion for the one-year papers, higher than the P8-billion initial program. These papers registered an average rate of 5.773 percent, inching up from 5.770 percent.

Rizal Commercial Banking Corp. chief economist Michael Ricafort said the generally lower rates reflected minimal risks to investors in the near term due to easing inflation.

“Global crude oil prices again declined to three-month lows,” he said.