MANILA: The Philippines' Bureau of Treasury rejected on Monday all bids at an auction of 182-day Treasury bills after banks demanded a premium for the debt paper.

The Treasury offered 6 billion pesos ($137 million) of the paper, with total bids submitted reaching 11.3 billion pesos.

Banks had offered to buy the 182-day paper at rates ranging from 1.74 percent to 1.90 percent, higher than the 1.513 percent it fetched at the last successful auction on July 7.