MANILA: The Philippines' Bureau of the Treasury said it rejected all bids for T-bills at Monday's auction as banks sought higher yields.

The bureau offered 15 billion pesos ($291.8 million) but had it made an award of up to 14.9 billion pesos, the yields on 91-day, 182-day and 364-day T-bills would have risen by 59.1 basis points (bps), 57.9 bps, and 29.7 bps respectively.

Total tenders reached 18.542 billion pesos, it said.