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May 2 (Reuters) – Philippine Bank of Communications:
2021 NET INCOME OF 1.57 BILLION PESOS, UP 34.6%
CET1 RATIO AS AT YEAR END 15.58%
2021 NET INTEREST INCOME UP BY 8.1% TO 4.24 BILLION PESOS
Source text for Eikon: ID:nPSX1ZVsZ8
Further company coverage: PBC.PS
May 2 (Reuters) – Ever Gotesco Resources and Holdings Inc EVER.PS:
CO’S VICE PRESIDENT, ATTY. VICENTE CANONEO PASSED AWAY
Source text for Eikon: ID:nPSXrB2JW
Further company coverage: EVER.PS
MANILA, May 2 (Reuters) – Ferdinand Marcos Jr has maintained his wide lead in the Philippines presidential election race in a new survey released on Monday, but some political observers say the game may not be over for closest rival Leni Robredo.
Support for Marcos, the son and namesake of the ousted dictator who ruled the Philippines for two decades, remained at 56% ahead of next week’s ballot, while Robredo, the incumbent vice president, slipped to 23% from 24% a month ago in the Pulse Asia surveys.
Multi world boxing champion Manny Pacquiao and Manila mayor Francisco Domagoso had 7% and 4% support respectively. The election takes place on May 9.
The Pulse Asia survey of 2,400 people was conducted between April 16 to 21, which political analyst Temario Rivera said may not have registered the late flurry of support for Robredo, who has drawn crowds of tens of thousands of people in rallies in recent days.
“We might be looking at a situation when surveys cannot fully capture what is actually happening on the ground,” Rivera said.
That includes a series of endorsements or late switches of allegiance in favour of Robredo, 57, from mayors, candidates, governors and politicians in the past few weeks, he said.
Marcos, 64, has said he would not let his strong showing in polls distract him from work needed to be done to ensure victory. nL3N2WO1JV
The poll released on Monday showed his running mate, Sara Duterte-Carpio, daughter of incumbent leader Rodrigo Duterte, still the favourite to become vice president, a post elected separately to the president.
Duterte, whose six-year term ends late next month, has not endorsed a presidential candidate, but his political party is backing Marcos. nL2N2VP03Q
More than 67 million Filipinos have registered to vote in the elections, which historically have a high turnout.
Philippines’ presidential candidateshttps://tmsnrt.rs/3v2MRuu
(Reporting by Neil Jerome Morales and Enrico dela Cruz; Editing by Martin Petty)
((neiljerome.morales@thomsonreuters.com; +632 8841 8914;))
NEW YORK, April 29 (Reuters) – Yields of Treasuries rose slightly on Friday following data that showed monthly inflation surged by the largest amount since 2005 in March, capping the largest gain in benchmark 10-year Treasury yields since December 2009.
The yield on 10-year Treasury notes was up 1.4 basis points to 2.877%. The yield on the 30-year Treasury bond was up 0.5 basis points to 2.934%.
The benchmark 10-year yield rose approximately 110 basis points over March and April, the largest gain since March 1994. The 30-year bond yield, meanwhile, notched its largest monthly gain since January 2009.
Strong consumer spending helped push yields higher and dampen concerns about a U.S. economic slowdown. The Commerce Department said on Friday that consumer spending, which accounts for more than two-thirds of U.S. economic activity, surged 1.1% last month, well above the 0.7% increase expected by economists polled by Reuters.
The personal consumption expenditures (PCE) price index, meanwhile, rose 0.9% in March, the largest gain since 2005, after climbing 0.5% in February. The PCE price index jumped 6.6% over the 12 months ending in March, the largest annual gain since 1982.
The muted response on Friday may be a sign that investors have priced in an aggressive rate hiking cycle by the Federal Reserve, said Joseph Kalish, chief global macro strategist, at Ned Davis Research in Sarasota, Florida.
“It’s going to take a lot more now to maybe get the market to move beyond what we have seen priced in on the long end of the curve,” he said.
The strong economic numbers may lead to a more hawkish response from the Federal Reserve, said Ian Lyngen, head of U.S. Rates Strategy at BMO Capital Markets.
“The operating assumption in the market at the moment is that the Fed has sufficient flexibility to ratchet up the pace of hiking in response to any further acceleration of inflationary pressures,” he said.
The central bank is widely expected to raise interest rates by 50 basis points at its meeting next week.
A closely watched part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes US2US10=RR, seen as an indicator of economic expectations, was at 18.5 basis points.
The two-year U.S. Treasury yield, which typically moves in step with interest rate expectations, was up 4.5 basis points at 2.692%.
(Reporting by David Randall; Editing by Nick Zieminski and Richard Chang)
BEIJING/HONG KONG, April 29 (Reuters) – China signaled an easing of its crackdown on the once-freewheeling tech sector on Friday as President Xi Jinping seeks to bolster the economy in the face of growth-sapping COVID-19 lockdowns, sending shares in online heavyweights surging.
China’s powerful Politburo, in a meeting chaired by Xi, said it will step up policy support for the world’s second-largest economy, including its so-called “platform economy”, fueling investor hopes that the worst may be over for an unprecedented, multi-pronged crackdown that began in late 2020.
The optimism was also powered by reports that China’s top leaders will hold a symposium early next month with a number of internet companies, expected to be chaired by Xi, according to two people familiar with the matter. Food delivery giant Meituan was among those invited, one source said.
The sources declined to be named citing confidentiality constraints.
The South China Morning Post, which first reported on the upcoming meeting, said tech giants Alibaba Group Holding, Tencent Holdings and TikTok owner ByteDance were also invited.
Authorities are seeking to reassure the corporate executives about the current regulatory environment and encourage them to continue to develop their business, one source told Reuters.
The Hang Seng Tech index rose 10% for its best day since Vice Premier Liu He promised policy support six weeks ago. E-commerce giants Alibaba and JD.com rose 16%, as did Meituan, while Tencent rose 11%.
Depository receipts of Alibaba, JD.com, Meituan and Tencent trading in U.S. markets were up 7.8%, 7.5%, 13.4% and 4.8% respectively on Friday afternoon.
“The Chinese government, much like the U.S. and other governments, has been trying to catch up in regulating a technology sector that has grown at an incredible rate over the past decade,” said Kevin Carter, CIO of EMQQ Global, which created the Emerging Market Internet & Ecommerce ETF, made up of around 50% China equity tech securities.
“This meeting may signal that the government feels they have caught up,” he said.
The market’s reaction signaled a belief that Beijing, which had taken steps to reign in what it saw as excessive profits at China’s largest internet companies, was backing off on the amount of pressure it was applying, said Jason Pride, chief investment officer of private wealth at Glenmede.
Beijing had sought to rein in a range of industries as part of a push to clamp down on violations of anti-monopoly regulations and data privacy rules, among others, as well as bridge a widening wealth gap that threatened the legitimacy of Communist Party rule under a “common prosperity” drive.
But the crackdowns on e-commerce, private education and the property sector have exacted an economic toll and, since the beginning of the year, China has loosened some of the measures to help an economy wrestling with strict COVID-19 lockdowns.
Separately on Friday, sources said Chinese and U.S. regulators were discussing operational details of an audit deal that Beijing hopes to sign this year, the latest move to try to keep Chinese companies from being kicked off U.S. exchanges.
The U.S. securities regulator’s move to identify Chinese firms likely to be delisted from New York for not meeting auditing requirements has pushed more fund managers to exit their holdings and dimmed the prospect for new listings.
Earlier on Friday, the Politburo, a top decision-making body of China’s ruling Communist Party, vowed to “complete the special rectification of the platform economy”, without giving a timeline, and roll out measures to support its development.
Beijing has set a growth target of 5.5% this year, which private economists have said will be difficult to reach without significant support, as COVID-19 lockdowns and other heavy curbs to battle the pandemic create havoc for businesses and supply chains.
China lifted a nine-month freeze on gaming licences earlier this month partly to alleviate the economic fallout from the ban.
In January, China said it would cut subsidies on electric cars and plug-in hybrids by 30% in 2022 and scrap them entirely at the end of the year.
But with sales of cars tumbling in April because of lockdowns, China’s state planner said this week it was meeting with industry to discuss government support for those vehicles, signaling a more supportive stance.
During Friday’s meeting, the Politburo said it will support COVID-hit industries and small firms, accelerate infrastructure construction, and stabilize transport, logistics, and supply chains, according to the state-run Xinhua news agency.
Gary Ng, senior economist at Natixis in Hong Kong, said the Politburo meeting “is a positive sign that the government seeks to prioritize growth versus a lot of other goals such as deleveraging or other regulatory change in the short term.”
Ng said that anti-trust measures that have squeezed the platform economy as well as a clampdown on the property sector could ultimately return.
“But in the short run because of the pressure on growth and the zero COVID policy, there will need to be a trade off between deleveraging and crackdowns versus growth, and that’s why the market is a bit more optimistic in the short term,” he said.
China’s benchmark share index jumped more than 2%.
Markets had been hit hard over the past two weeks by fears that lockdowns would cause severe damage to China’s economy and derail a global recovery just as many countries are rebounding from pandemic-led slumps.
(Reporting by Julie Zhu, Kevin Yao, Alun John, Xie Yu, Kevin Krolicki and the Beijing newsroom; Additional reporting by John McCrank in New York; Writing by Tony Munroe and Sumeet Chatterjee; Editing by Carmel Crimmins and Daniel Wallis)
NEW YORK, April 29 (Reuters) – Oil prices fell on Friday, reversing in volatile trade, pulled downward by the U.S. heating oil contract that plummeted by more than 20% at one point on the day of its expiration.
The front-month U.S. heating oil contract, which is a proxy for diesel prices, soared to a record high of USD 5.8595 a gallon before falling as low as USD 4.4067 a gallon. Diesel futures have climbed as investors worry about tight supplies globally following Russia’s invasion of Ukraine.
The heating oil contract expired on Friday, along with the global Brent benchmark and U.S. gasoline futures. Volumes in all three front-month contracts was low, creating outsized volatility in the market and leading to late-day sell-offs, analysts said.
“The fireworks were all in the expiring diesel contract,” said Andrew Lipow of Lipow Oil Associates in Houston. “Today’s expiry is especially volatile and may not be reflective of actual tightness.”
The more-active second-month Brent crude futures contract fell 12 cents to settle at USD 107.14 a barrel. The expiring front-month contract rose USD 1.75 to settle at USD 109.34 a barrel.
U.S. West Texas Intermediate crude, which does not expire on Friday, fell 67 cents to settle at USD 104.69 a barrel, as traders sold energy contracts across the board.
The front-month heating oil contract’s volatility was not mirrored in the more-active second-month U.S. heating oil contract, which gained USD 0.0088 a gallon to settle at USD 4.0172 a gallon.
Both Brent and WTI rose for the week and posted their fifth straight monthly gain. Brent ended the month up 1.3%, while WTI ended up 4.4%.
Prices have been buoyed by fears that Russian supply will continue to be disrupted by the conflict in Ukraine. Futures rose this week on the increased likelihood that Germany will join other European Union member states in an embargo on Russian oil.
Russian oil production could fall by as much as 17% this year, an economy ministry document seen by Reuters showed on Wednesday, as Western sanctions over Russia’s invasion of Ukraine hurt investments and exports.
The oil and gas rig count, an indicator of future supply, showed U.S. oil rigs rose by three to 552 this week.
The Organization of the Petroleum Exporting Countries and allies are likely to stick to their existing deal and agree another small output increase for June when it meets on May 5, six sources from the producer group told Reuters on Thursday.
Still, there are bearish demand factors looming. China has shown no signs of easing lockdown measures which have hit its economy and global supply chains.
Crude’s rally could stall and prices could average just less than USD 100 a barrel this year, a Reuters poll found on Friday, as economic risks and China’s COVID lockdowns counter supply shortfalls due to the Ukraine war.
(Reporting by Stephanie Kelly; additional reporting by Noah Browning and Florence Tan; Editing by David Goodman, Barbara Lewis, David Gregorio, Jane Merriman and Cynthia Osterman)
NEW YORK April 29 (Reuters) – The U.S. dollar index fell from 20-year highs and Wall Street equities closed sharply lower on Friday with the latest economic data and Amazon.com’s disappointing quarterly report and outlook keeping the spotlight on surging inflation.
In U.S. Treasuries the benchmark 10-year yield rose, capping off the biggest monthly gain since December 2009 after economic data.
Equities were under pressure after data showed that monthly inflation surged by the most since 2005 while U.S. consumer spending increased more than expected in March amid strong demand for services. Also, first quarter U.S. labor costs surged by the most in 21 years, pointing to rising wage inflation, supporting Federal Reserve policy tightening ahead of its scheduled meeting next week.
“With the weekend approaching and the Fed meeting next week people are clearing the decks,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia, who also cited disappointing earnings and the Ukraine war.
“Russia, Ukraine is clearly driving up risk factors. It doesn’t show any sign of abating,” he said.
Ukrainian President Volodymyr Zelenskiy said there was a high risk peace talks with Moscow would collapse while U.S. lawmakers pledged to move fast on a plan to send as much as USD 33 billion to help Kyiv keep fighting Russia’s assault.
Ian Lyngen, head of U.S. Rates Strategy at BMO Capital Markets notes that the data could lead to a more hawkish response from the Fed.
“The operating assumption in the market at the moment is that the Fed has sufficient flexibility to ratchet up the pace of hiking in response to any further acceleration of inflationary pressures,” he said.
The Dow Jones Industrial Average fell 938.99 points, or 2.77%, to 32,977.4, the S&P 500 (.SPX) lost 155.58 points, or 3.63%, to 4,131.92 and the Nasdaq Composite dropped 536.89 points, or 4.17%, to 12,334.64.
The Nasdaq showed its biggest monthly decline since October 2008.
The pan-European STOXX 600 index had risen 0.74% but MSCI’s gauge of stocks across the globe shed 1.88%. And on the last trading day of April, the global index was on course for its biggest monthly decline since March 2020.
Amazon (AMZN) shares closed down 14% after the e-commerce giant delivered a disappointing quarter and outlook late Thursday as it was swamped by higher costs to run its warehouses and deliver packages to customers.
Emerging market stocks rose 2.08%.
Russia’s rouble hit a two-year peak against the dollar and the euro on Friday as capital controls helped it weather another larger-than-expected interest rate cut and Russia appeared to make a last-gasp effort to avoid a default.
Other emerging market currencies also rallied on the dollar’s retreat.
The dollar looked set to snap a six-day advance against a basket of currencies on Friday although it was still on track for its biggest monthly gain in seven years as concerns about the global economy and a hawkish Federal Reserve bolstered demand for the greenback in April.
The dollar index fell 0.415%, with the euro up 0.47% to USD 1.0543. The Japanese yen strengthened 0.80% versus the greenback at 129.82 per dollar.
The benchmark 10-year U.S. yields , having risen as high 2.981% on April 20, its highest level since December 2018, were eying five straight months of gains.
Benchmark 10-year notes last fell 14/32 in price to yield 2.918%, from 2.863% late on Thursday.
Oil prices fell on Friday, reversing late in the volatile session, pulled downward by the U.S. heating oil contract that plummeted by more than 20% at one point on the day of its expiration.
U.S. crude oil futures settled at USD 104.69 down 67 cents or 0.64%. Brent crude futures settled at USD 109.34, up USD 1.7 or 1.63%.
Gold prices gave up some gains after earlier rallying as much as 1.3% when the dollar retreated and the precious metal was set to end the month lower on bets of aggressive Fed policy tightening.
“The GDP data and the cost index for employment data showed that inflation still running fairly hot. This is generally supportive for gold,” said Edward Meir, an analyst with ED&F Man Capital Markets.
Spot gold was last up 0.1% to USD 1,895.86 an ounce.
(Reporting by Sinéad Carew, Chuck Mikolajczak, Karen Brettell, David Randall in New York, Sujata Rao and Marc Jones in London, Alun John in Hong Kong and Ashitha Shivaprasad; editing by Kim Coghill, Chizu Nomiyama, Louise Heavens and Cynthia Osterman)
NEW YORK, April 29 (Reuters) – A volatile stock market faces a critical test next week, when the U.S. Federal Reserve is expected to raise interest rates and give more insight on its plans for tightening monetary policy to fight surging inflation.
Worries over an increasingly hawkish Fed have helped drag the benchmark S&P 500 index down 13.3% so far in 2022, , its steepest four-month decline to start any year since 1939.
While investors have ramped up expectations of how aggressively the central bank may tighten monetary policy, many are concerned the Fed will not be able to keep the economy afloat as it battles the worst inflation in nearly four decades.
Compounding concerns over monetary policy, investors have been riled by everything from rising bond yields to the war in Ukraine and more recently lockdowns in China. The market is also entering a historically weaker six-month period for stocks.
“We’re going to be in for, I think, more dicey, choppy, volatile markets here for a while longer, just because of the uncertainty,” said Randy Frederick, vice president of trading and derivatives for Charles Schwab in Austin, Texas, who said that “things turned the other direction right at the beginning of the year,” coming off a strong fourth quarter at the end of 2021.
Investors widely expect the Fed to raise rates by 50 basis points when the central bank’s meeting concludes on Wednesday. They are also bracing for signals from Fed Chair Jerome Powell about the future path of interest rates, the central bank’s plans for reducing its balance sheet and its view on when inflation will recede. Policymakers raised rates in March by 25 basis points, the first increase since 2018.
“If the Fed continues to expect high levels of inflation and they don’t see it moderating in the future, that will be a concern for investors,” said Michael Arone, chief investment strategist at State Street Global Advisors. “It will mean that the Fed will continue to raise rates and tighten monetary policy, which the market is expecting, but maybe even more aggressively.”
Beyond next week’s action, policymakers have coalesced around an overall increase of the federal funds rate to at least 2.5% by year end.
Crucial to the tightening plans will be how persistent officials view the current pace of inflation after March’s consumer price index showed an annual increase of 8.5%, the largest rise in over 40 years.
Given that there are indications inflation has started to peak, said Kei Sasaki, senior portfolio manager at Northern Trust Wealth Management, “if there is an even more resounding hawkish tone coming out of that meeting, then that could certainly be viewed as negative.”
The selloff accelerated on Friday as the S&P 500 tumbled 3.6% — its biggest one-day drop since June 2020 — following a disappointing earnings report from Amazon (AMZN) that sent the e-commerce giant’s shares down 14%.
The month of April marked the S&P 500’s biggest monthly fall since the onset of the coronavirus pandemic in early 2020, while the tech-heavy Nasdaq logged its largest monthly drop since the 2008 financial crisis.
As investors have girded for tighter monetary policy, bond yields have jumped this year, with the yield on the 10-year Treasury note up to about 2.9% from 1.5% at the end of 2021.
That has particularly pressured tech and growth stocks, whose valuations rely on future estimated cash flows that are undermined when the investors can earn more on risk-free bonds. The Russell 1000 growth index has fallen some 20% so far this year.
Meanwhile, investor sentiment is dour. The percentage of individual investors describing their six-month outlook for stocks as “bearish” rose to 59.4%, its highest level since 2009, according to the latest weekly survey from the American Association of Individual Investors.
To be sure, after the market’s recent slide, the Fed’s actions could provide some comfort. Following the Fed’s expected rate hike in March, the S&P 500 rallied more than 8% over the ensuing two weeks.
Investors will keep an eye on corporate results, after a mixed week of earnings from megacap companies. Reports from Pfizer (PFE), Starbucks (SBUX) and ConocoPhillips (COP) are due next week, among others.
With the calendar flipping to May, seasonality also looms as a possible factor for investors. The S&P 500’s strongest six months of the year since 1946 have been November through April, when the index has risen an average of 6.8%, according to a CFRA note earlier in the week.
By comparison, the index has gained only 1.7% on average from May-October.
However, more recently, the trends have not been as strong. In the past five years, the S&P 500 has averaged a 7.2% gain in the May-October period versus 5% for November-April, according to a Reuters analysis.
“I don’t know how important seasonality is going to be this time around,” said Jack Ablin, chief investment officer at Cresset Capital Management.
(Reporting by Lewis Krauskopf, additional reporting by Chuck Mikolajczak, Editing by Louise Heavens and David Gregorio)
LONDON/WASHINGTON, April 29 (Reuters) – Russia made what appeared to be a late U-turn to avoid a default on Friday, as it made a number of overdue interest payments in dollars on its overseas bonds, despite previously vowing to pay only in roubles as long as its reserves remained frozen.
Russia’s USD 40 billion of international bonds have become the focus of a game of financial chicken amid sweeping Western sanctions – and speculation about a default is likely to revive in less than four weeks, when a U.S. license allowing Moscow to make payments is due to expire.
Russia’s finance ministry said it had managed to pay USD 564.8 million in interest on a 2022 Eurobond and USD 84.4 million on another 2042 bond in dollars – the currency specified on the bonds.
A senior U.S. official confirmed Moscow had made the payment without using reserves frozen in the United States, adding that the exact origin of the funds was unclear.
Deputy U.S. Treasury Secretary Wally Adeyemo told Reuters that the payments siphoned funds away from Russia’s Ukraine war effort and were a “sign of success” for U.S sanctions policy.
He declined to comment on the future of a Treasury general license due to expire on May 25 that allows banks to process Russian debt payments.
“Our overarching goal is to try to starve Russia of the resources that they’re using to both prop up their economy and finance their war effort, and to stop their invasion of Ukraine. So we’re going to keep making policy decisions with that in mind,” Adeyemo said.
Russia said it had channelled the required funds to the London branch of Citibank, one of the “paying agents” whose job it is to disburse them to the bondholders.
Citibank declined to comment.
“The payments were made in the currency of issue of the corresponding Eurobonds – in U.S. dollars,” the Russian Finance Ministry said. “Thus, the obligations to service sovereign Eurobonds are fulfilled.”
Two holders of the bonds said they had not yet received the funds, but the process can take days.
“I don’t see a reason why they (the paying agent) cannot make that payment,” said Kaan Nazli, portfolio manager for the Emerging Markets Debt team at Neuberger Berman, which holds Russian sovereign bonds.
Despite the payment announcements, preparations for an auction to settle credit default swaps – insurance against default, in this case Russian – were still being made.
The Credit Derivatives Determinations Committee met on Friday and acknowledged the reports of Russia’s payments, but regardless prepared for a CDS auction next week “solely in order to prepare for the possibility of a Failure to Pay Credit Event.”
Russia’s Sberbank separately said it had paid coupons on two subordinated eurobond issues in roubles because sanctions by the United States and Britain prevented it from making payments to investors in line with its initial commitments.
Russia has not had a default of any kind since a financial crash in 1998 and has not seen a major international or ‘external’ market default since the aftermath of the 1917 Bolshevik revolution.
The risk of another one is growing, however, as Western countries have blanketed Russia with sanctions in response to its invasion of Ukraine, which Moscow has termed a “special military operation” to disarm Ukraine and root out what it calls dangerous nationalists.
The interest payments were supposed to be paid earlier this month but a 30-day ‘grace period’ that government bonds often have in their terms meant Moscow’s final deadline was May 4.
Brokers said the announcement sent Russian government bond prices up as much as 15 cents, almost doubling their dollar value in some cases. Those belonging to major still-unsanctioned companies such as Gazprom, Lukoil and telecoms firm VimpelCom were quoted up 2-5 cents too.
Five-year CDS linked to Russia’s sovereign debt went down to 64.333% upfront from 76.4% upfront on Thursday, according to S&P Global Market Intelligence.
BlueBay’s Tim Ash called Russia’s move “pretty extraordinary”, pointing out too that the key group of international banks and funds that judge whether a default has happened had recently ruled that it had.
The prospect of a default by Russia was almost unthinkable before its invasion of Ukraine. The billions of dollars it earns from selling oil and gas around the world meant it had one of the world’s lowest government debt levels and an enormous stockpile of currency reserves.
However, Western sanctions have frozen a large chunk of those reserves, and mean banks have needed special dispensations to make any Russian-related payments.
Andy Sparks, managing director at index provider MSCI, said the prospect of a default still loomed large if the U.S. Treasury allows the Russian debt payment license to expire on May 25.
Russia has another bond payment just two days after that which means that, if the U.S. waiver is not extended, it will be almost impossible for Moscow to avoid a default.
“The real question is whether this is just delaying the inevitable,” Sparks said.
“Most investors will take that date of May 25 very seriously and many will not expect that exception to be extended.”
(Additional reporting by David Lawder in Washington, Davide Barbuscia and Rodrigo Campos in New York, Sujata Rao and Karin Strohecker in London; Editing by Toby Chopra and Daniel Wallis)
MANILA, May 2 (Reuters) – Following are the results of the Philippine Bureau of the Treasury’s (BTr) auction of T-bills on Monday:
* BTr awards total of 12.613 billion pesos ($241.26 million) worth of T-bills, less than its 15 billion pesos offer and against total tenders of 23.731 billion pesos
* BTr awards 5 billion pesos of 91-day T-bill at avg rate of 1.272% versus previous avg of 1.140%
* BTr awards 5 billion pesos of 182-day T-bill at avg rate of 1.635% versus previous avg of 1.558%
* BTr awards 2.613 billion pesos of 364-day T-bill, less than its 5 billion pesos offer, at avg rate of 1.933% versus previous avg of 1.901%
* Details are on the BTr’s website www.treasury.gov.ph
($1 = 52.28 Philippine pesos)
(Reporting by Enrico Dela Cruz
Editing by Ed Davies)
