Philippine Treasury bill yields declined on Monday as President Ferdinand Marcos Jr. delivered his 2026 State of the Nation Address, outlining a series of populist measures aimed at easing the cost of living.
The president vowed to implement tax cuts, reduce electricity charges, and lower rice prices, while also pledging to pursue corruption cases against high-profile figures.
The market reaction was subdued, with investors appearing cautious about the fiscal implications of the new commitments.
The slide in T-bill yields reflects a flight to safety amid uncertainty over how the government will fund these expansive pledges.
Critics have already questioned the financing mechanism for the promised relief, noting that the administration has not provided a clear budgetary roadmap.
The lack of immediate market enthusiasm suggests that traders are waiting for concrete policy details rather than reacting to political rhetoric.