The Bureau of the Treasury borrowed partially despite the drop in benchmark yields for short-term loans. At Monday's auction of Treasury bills on April 3, the national government raised P12.8 billion, below the P15 billion plan for the week. The 91-day Treasury bill rate decreased to 5.045 percent from 5.149 percent last week. The Treasury sold the P5 billion worth of three-month debt papers, with demand for the government security or IOU reached P13.94 billion, higher than the P5 billion on offer. Yield on the 182-day T-bill also slightly declined to 5.674 percent from the previous 5.677 percent as investors were willing to buy P10.435 billion of the six-month IOUs. The government awarded only P2.8 billion. Lastly, interest rate on one-year IOU fell to 5.977 percent from 5.987 percent last week. The one-yield debt papers attracted P9.815 billion worth of bids, and the government accepted P5 billion as planned. “Partial award for 182 day to guide rates within secondary levels. However, the announced cut in oil output by OPEC [Organization of the Petroleum Exporting Countries] adds another challenge to slay ugly head of inflation,” National Treasurer Rosalia V. De Leon told reporters.