The national government borrowed lower than programmed after interest rates for short-term loans rose across the board.

At Monday's auction of Treasury bills on June 13, the national government raised a total of P13.608 billion, lower than the P15 billion on offer. Total demand reached P20.049 billion.

The 91-day Treasury bill rate rose to 5.922 percent from 5.827 percent last week. It was also higher than the secondary market yield of 5.863 percent.

The Treasury sold P3.608 billion worth of three-month debt papers, below the P5 billion on offer. Demand was also weak, as investors were asking for only P4.518 billion of government security or IOU.

The yield on the 182-day T-bill also increased to 5.978 percent from the previous 5.891 percent as investors were willing to buy P7,720 billion of the six-month IOUs. The government, however, awarded the full P5 billion program.

The interest rate on six-month papers settled higher compared to the secondary market rate of 5.901 percent.

Lastly, the interest rate on the one-year IOU went up to 6.062 percent from 5.980 percent last week. It was also higher than the secondary’s 5.948  percent.

The one-yield debt papers attracted P7.811  billion worth of bids, and the government accepted P5 billion as planned.