Manila, March 24 -- The Bureau of the Treasury (BTr) raised PHP28 billion from the Treasury bills (T-bills) auction on Monday, higher than the PHP22-billion offering.

"The auction was 3.1 times oversubscribed with total bids reaching PHP67.2 billion, prompting the Committee to double the accepted non-competitive bids for the 182-day securities to PHP5.6 billion for the 364-day T-bills," the BTr said.

Total tenders for the 91-day T-bills reached PHP18.82 billion.

The Auction Committee accepted PHP7 billion, with yield settling at 5.157 percent.

The BTr raised PHP9.8 billion from the 182-day Treasury bills, up from the initial offer which was at PHP7 billion.

Total tenders reached PHP19.25 billion.

The average yield for the debt paper...