The national government borrowed less than the amount programmed due to a rise in short-term loan interest rates. During an auction of Treasury bills on June 26, the government raised only P10.581 billion, lower than the expected P15 billion. Total demand for the bills reached P17.648 billion. The 91-day Treasury bill rate rose to 6.086 percent, higher than the previous week's rate of 6.029 percent, but slightly lower than the secondary market yield of 6.089 percent. The government sold P5 billion worth of three-month debt papers as planned. Investor demand totaled P6.677 billion. Meanwhile, investor interest in the P5 billion 182-day T-bill on offer was timid, resulting in the yield rising from 6.144 percent to 6.081 percent. Investors were willing to buy only P4.980 billion of the six-month IOUs, and the government awarded only P2.97 billion. The interest rate for six-month papers settled higher than the secondary market rate of 6.096 percent. Lastly, the interest rate for one-year IOUs also increased from 6.062 percent to 6.219 percent, which was higher than the secondary market rate of 6.130 percent. The one-year debt papers attracted P5.991 billion worth of bids, but the government accepted only P2.611 billion.