The Dow Jones Industrial Average (DJIA) was up by 126.81 (+0.95%) points overnight in WallStreet. It closed at 13,353.43.
Philippine Treasury Bills were up yesterday at the resumption its auction after the Bureau of Treasury (BTr) suspended the sale in June.
91-day ----------3.477% from 2.996%
182-day---------4.639% from 4.274%
0ne year--------5.438% from 5.174%
The tenors' rise reflected concerns on the governments ability in meeting its budget deficit targets; due to lower collections in the BIR & Customs for the 1st half of the year. Local debt borrowing, is one of the options to cover any shortfall and this may put pressure on interest rates.
The Bangko Sentral ng Pilipinas (BSP) purchased more than $2 bn from the foreign exchange (FX) market in May alone to hold back the peso appreciation.
As of May, the BSP reported Gross International Reserves (GIR) of $25.80 bn, which was more than $700 mn more than end-April's $25.08 bn.
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