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The US treasury market reaches breaking point

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Wednesday, September 3, 2008

interest rates on Philippines' short-term treasury bills declines.





interest rates on Philippines' short-term treasury bills declines. According to the Manila Times , the Philippines government secured PHP 3bn through the sale of six-month treasury bills on Monday. The yield on the six-month bills declined to 6.476% from 6.483% in the previous auction. At the same auction, the government also accepted offers for its entire offer of PHP 3bn worth of one-year treasury bills. The yield on the one-year bills declined to 6.745% from 6.95% in the previous auction. National Treasurer Roberto Tan attributed the decline in short-term interest rates to the announcement of the Bangko Sentral ng Pilipinas (BSP) that reverse repurchase agreements (RRPs) would be subject to a 20% final withholding tax.







This proposal goes against the heart of Basle II

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