The national government sold all the short-term debt papers it offered, taking advantage of lower interest rates. 

On Monday, Sept. 18, the Bureau of the Treasury held a successful auction for Treasury bills (T-bills), raising P15 billion, the intended target. 

The total bids received were P55.665 billion, almost four times the target amount.

The Treasury accomplished its goal of raising P5 billion by selling 91-day T-bills, as the total bids soared to P16.37 billion.

The average interest rate for the three-month papers dropped from 5.552 percent in the previous week to 5.575 percent.

Furthermore, the national government successfully allocated the full amount of P5 billion for the 182-day IOUs, with total bids reaching P17.792 billion.

The interest rate for the six-month T-bills also decreased from 5.939 percent in the previous week to 5.960 percent.

Lastly, the Treasury achieved its target by raising P5 billion through the sale of 364-day debt papers. The total tenders received for the one-year tenor amounted to an impressive P21.503 billion.

Moreover, the average yield for the one-year securities decreased from 6.619 percent in the previous week to 6.073 percent.

Before Monday's auction, the PHP Bloomberg Valuation Reference Rates showed that the 91-day, 182-day, and 364-day T-bills were quoted at 5.623 percent, 5.964 percent, and 6.161 percent, respectively, in the secondary market.

In September, the Treasury bureau scaled back its borrowing plan from domestic lenders.

According to the financing program, the national government aims to borrow P180 billion from the local market this year, which is 30 percent lower than the initial target of P225 billion set for August.

For September, the government intends to borrow a total of P180 billion. This will be accomplished through the sale of P60 billion in Treasury bills and P120 billion in Treasury bonds.