Gov't says won't accept high rates at debt auctions

Reuters

Posted at Jan 26 2011 12:50 PM | Updated as of Jan 26 2011 09:35 PM

MANILA, Philippines - The government will not accept high bid rates at Treasury auctions that go beyond the yield curve, because rising interest rates are not warranted with inflation still manageable, the Finance Secretary said on Wednesday.

Cesar Purisima told reporters there was no reason for the central bank to raise policy rates at the moment. He said the government's assumed growth target of 5 percent under its 2011 budget was "conservative."