MANILA, Philippines -- Yield on the benchmark 91-day treasury bills went up by a basis point to an average of 3.946 percent, on Monday, the Bureau of Treasury said.

Buyers, however, continued to favor longer-term debt papers with some P40 billion in funds to be freed up this week on maturing government securities.

Yield on 182-day T-bills went up by 2 basis points to 4.322 percent while that for the 364-day T-bill went down by 7.2 basis points to 4.49 percent.