Manila: The Bureau of the Treasury (BTr) raised more than the initially offered amount in its Treasury bills (T-bills) auction on Monday. The Auction Committee raised a total of PHP22.6 billion from its initial offer of PHP20 billion. According to Philippines News Agency, the auction was almost 2.6 times oversubscribed with total bids reaching PHP51.7 billion. This prompted the Committee to double the accepted non-competitive bids for the 91-day securities to PHP5.2 billion. Total tenders for the 91-day paper reached PHP20.09 billion, with the Committee accepting PHP9.1 billion, higher than the initial offer of PHP5 billion. Yield for the 91-day securities settled at 5.631 percent. For the 182-day T-bills, the BTr raised PHP6.5 billion from a total of PHP12.76 billion bids, with the average yield for the debt paper at 5.862 percent. The 364-day T-bills received a total tender of PHP18.81 billion, and the Auction Committee raised PHP7 billion, with the average yield settling at 5.871 percent. Rizal Commerc ial Banking Corporation chief economist Michael Ricafort noted that T-bill average auction yields were slightly higher for the seventh straight week. Last week, the average auction yield for the 91-, 182-, and 364-day T-bills settled at 5.605 percent, 5.752 percent, and 5.790 percent, respectively.