MANILA: The Philippines' Bureau of Treasury rejected on Monday all bids at an auction of 182- and 364-day Treasury bills after banks submitted high bids for the two tenors.

The two tenors had a combined offer of 16 billion pesos ($353 million), but the offer was undersubscribed.

Banks had offered to buy the 182-day paper at an average rate of 2.2 percent, sharply higher than the 0.001 percent it fetched at the last successful auction on Nov. 4.

For the one-year paper, banks submitted bids of an average 2.47 percent, up from 1.079 percent it fetched at the Jan. 6 auction.

At the same Monday auction, the Treasury accepted bids for the 91-day paper, whose average rate doubled from the previous auction last month.