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MANILA: The Philippines' Bureau of Treasury rejected on Monday all bids for 364-day Treasury bills at a regular auction after banks submitted high bids for the paper.
Banks had offered to buy the one-year paper for an average rate of 2.184 percent, above the average rate of 1.972 percent at the April 7 auction. Bids reached 12.005 billion pesos ($270 million), twice the government offer of 6 billion pesos.
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