The auction of Government bonds and T-Bills held on 30th April raised a total of P835 million (net). This is slightly below the P1 billion monthly average that government intends to raise as per its 2026/27 Annual Borrowing Programme, and represented 88% of the net amount offered at this auction (P945 million). Interest rates were largely unchanged from the March auction. There has been ample liquidity in the banking system in recent weeks. All in all, this is a neutral-to-positive result from a government debt management perspective.