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 ($288 million), with total tenders reaching 21.23 billion pesos, the treasury agency said.

Had it made an award, the yields on 91-day, 182-day and 364-day T-bills would have risen versus the previous successful auction on Feb. 21.