MANILA - The Bureau of Treasury withdrew its offer for P6 billion ($124 million) worth of 182- and 364-day T-bills on Monday after banks demanded a high premium for the debt papers.

The Treasury rejected all bids for both tenors at the auction, with the total volume of bids coming below the offer amount. Before the Treasury withdrew its offer, banks' bids came in at 4.645-5.25 percent for the 6-month debt papter.

Bids for the one-year paper were at 4.8 to 5.75 percent.

The 91-day t-bills meantime fetched an average rate of 4.494 percent, higher from its June 1 rate of 4.383 percent.