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The Bureau of the Treasury yesterday yielded to the local debt market's clamor for higher long-term borrowing rates despite an earlier move to prevent a further rise in local interest rates.
At yesterday's auction of five-year Treasury bonds, Treasury allowed its rate to go up 75 basis points to 16.25% from 15.5% last month.
Notwithstanding the lackluster appetite for the five-year notes, the government still awarded P905 million in bids out of the P3 billion it was scheduled to borrow yesterday.
Money market dealers said they expect the government to allow interest rates to rise since it may be hard- pressed in getting additional funds from abroad. …