91-day T-bill rate falls: 2.073%
The yield on the benchmark 91-day treasury bill declined to 2.073% at yesterday’s auction by the Bureau of Treasury from the 2.306% of the previous auction on July 25, while that on the 182-day bill was at 2.250 from 2.784%. The yield for its 364-day paper also declined to 2.750% from 3.236% previously.
Total tenders reached P34.46 billion for the P9 billion T-bills on offer. Meanwhile, the BTr may issue retail bonds in the final quarter of 2011, and is looking at selling 7-year and 10-year debt with a minimum issue of P40 billion, deputy treasurer Eduardo Mendiola said yesterday.
Gold tops $1,700 – New record
HONG KONG (AFP) – The price of gold struck a record high above $1,700 an ounce on Monday with dealers flocking to the safe haven metal as Asian stocks tumbled following Standard & Poor’s downgrade of US debt. The price of gold reached $1,704.30 an ounce in Hong Kong trade.
”People are just taking their money out (of other markets), especially from the dollar and euro and investing in gold and the Japanese yen,” a Tokyo-based trader told Dow Jones Newswires.
B.O.C. fails to meet July target
The Bureau of Customs (BoC), the government’s second largest revenue generating agency, said that it failed to hit its P27.5 billion collection target for July due to tax eroding measures passed by the previous administration.
On the sidelines of Senate’s budget hearing yesterday, Customs Commissioner Angelito A. Alvarez said in an interview with reporters the agency, which accounts for about a fifth of government’s annual profit, said the target in July was too high.
With the lower than expected collection in July, Alvarez said Customs full-year revenue target of P240 billion will be difficult to attain, but he added that he will last appeal for a much lower goal for 2011. (CSL)
Gov’t keeps budget deficit program
The government is keeping its programmed budget deficit ratio of 3 percent of the country’s gross domestic product (GDP) this year, equivalent to P300 billion despite the lower than expected fiscal gap in the first semester of 2010.
Budget and Management Florencio B. Abad said the government will accelerate its spending in the remaining months of the year to meet the program. Abad noted that the Department of Public Works and Highways and Department of Education are expected to increase their spending in the second semester of the year. (CSL)
Currently, 1 Philippine peso can be bought with €0.016921, 0.0143769 GBP, and $0.0235294 . Conversely, it would take P60.6592 to exchange for €1, 69.5486 to exchange for 1GBP, and P42.5 to exchange for $1.