"With its decision, the committee was able to raise the full program of PHP 35 billion, bringing the total outstanding volume for the series to PHP 123.4 billion," it added. A trader said in a Viber message that the BTr made a full award as the market swamped the bond o ff ering amid "pent-up demand… given last month's supply shortage and that investors are willing to buy bonds as long as [the yield] is above 7%." Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message that demand for the bond offer was "unusually high" as investors wanted to lock in higher yields amid expectations of easing inflation at home and in the United States. The Bangko Sentral ng Pilipinas (BSP) expects inflation to return to its 2-4% target by the second half of this year. In 2022, headline in fl ation averaged 5.8%, matching the BSP's forecast but faster than its 2-4% goal and the 3.9% average posted in 2021.