The national government partially awarded its short-term debt papers as yields increased following the previous week's decline.

The Bureau of the Treasury failed to meet its P11.2 billion target, managing to raise only P9.685 billion. The total bids received during the auction amounted to P34.372 billion.

The government struggled to meet its intended goal for the 182-day securities, managing only P2.5 billion amid higher bid yields of P9.260 billion.

The average interest rate for the six-month T-bills rose by 8.6 basis points to 5.267 percent, compared to the previous week's rate of 5.181 percent.

Likewise, the average yield on the 91-day T-bills inched up by 24.3 basis points to 4.996 percent from 4.753 percent.

However, the government made a full award on the three-month securities of P4.2 billion, with total demands hitting P15.512 billion.

Lastly, the average rate on the 364-day T-bills rose by .5 basis points to 5.732 percent from 5.727 percent.

The Treasury raised P2.985 billion through the sale of the one-year debt papers with total tenders reaching P9.960 billion.

In contrast with the Bloomberg Valuation Service (BVAL) rates, the yield on the three-month bill was lower at 5.365 percent, while the yield on the six-month bill stood at 5.633 percent.

Meanwhile, the average rate for the 12-month bill was higher in the secondary market at 5.777 percent.

The partial awards may be attributed to the recent debut of $1 billion sukuk bonds and P15 billion maiden tokenized Treasury bonds, which prompted the rejection of relatively higher bid yields, said Michael L. Ricafort, chief economist at Rizal Commercial Banking Corp. (RCBC).