Benchmark yields for short-term loans rose, prompting the Bureau of the Treasury to borrow less than planned.

At Monday's auction of Treasury bills on Feb. 13, the national government raised P14.6 billion, below the P15 billion program. Total demand reached P32.2 billion

The 91-day Treasury bill rate increased to 4.949 percent from 4.867 percent last week. But it was lower than secondary market yield of 4.344 percent.

The Treasury sold the P5 billion worth of three-month debt papers on offer. Investors, however, were asking for P8.856 billion of the government security or IOU.

Yield on the 182-day T-bill also increased to 4.949 percent from the previous 4.867 percent as investors were willing to buy P7.776 billion of the six-month IOUs. The government awarded only P4.6 billion, lower than the P5 billion program.

Interest rate on six-month papers settled slight higher than secondary market rate of 4.938 percent.

Lastly, interest rate on the one-year IOU has marginally increased to 5.298 percent from 5.292 percent last week. It is also lower than secondary’s 5.325 percent.

The one-yield debt papers attracted P15.55 billion worth of bids, and the government accepted P5 billion as planned.