MANILA: The Philippines' Bureau of Treasury withdrew its offer to sell 182-day and 364-day T-bills on Monday after rejecting high bids submitted by banks at an auction.

The Treasury was planning to raise 2 billion pesos ($47 million) and 3.5 billion pesos from the sale of 182-day and 364-day bills respectively.

It earlier awarded 2 billion pesos worth of bids for the 91-day T-bill.