Benchmark interest rates for short-term loans rose anew, forcing the national government reduced its borrowing ceiling.

At Monday's auction of short-term IOUs, the Bureau of the Treasury awarded only P6.7 billion of debt papers, less than half of its P15 billion program for the week.

National Treasurer Rosalia V. De Leon said the bureau is optimistic that it can make full award in the succeeding auctions as more and clearer information on the central bank’s response to inflation emerges.

“More and clearer information will better guide market in submission of bids,” De Leon told reporters after the auction.

On Monday, Nov. 7, the bellwether 91-day Treasury bill rate, which banks use in pricing their loans, averaged at 4.350 percent, above the secondary market rate of 3.856 percent. It, however, slid from 4.768 percent last week.

The Treasury sold only P2.1 billion of the P5 billion worth of three-month debt papers on offer. Investors were asking for P9.35 billion of the government security or IOU.

Yield on the 182-day T-bill, meanwhile, settled at 4.800 percent, above the secondary market level of 4.550 percent, but lower than the previous week’s 5.284 percent.

The government awarded P2.5 billion, lower than the P5 billion program.

Lastly, the interest rate on one-year IOU fetched at 5.000 percent, also higher than the secondary market rate of 4.868 percent, but below the 5.798 percent a week ago.

The one-yield debt papers attracted P4.7 billion worth of bids, below the P5 billion on offer. The treasury awarded P2.1 billion.