The national government borrowed less than expected after interest rate for long-term Philippine debt papers rose.
At a Bureau of the Treasury auction on Tuesday, April 26, the yield for the 10-year Treasury bond went up to 6.313 percent from 6.092 percent last March 29 when the IOU was last sold.
Investors were willing to buy as much as P56.4 billion of the T-bonds, but the government only accepted P17.6 billion worth of bids, lower the the P35 billion program.
On Monday, the national government also raised P15 billion from the sale of short-dated debt papers.
At an auction, yields on three- and six-month debt papers went down, while bids for the one-year IOU rose.