THE yield on the benchmark 91-day Treasury bill decreased by 4.8 basis points to an average of 3.849 percent as investors go for shorter-term debt papers amid market uncertainties.

On the other hand, interest on the 182-day bills increased by 0.6 basis point while that for the 364-day issue decreased by 3.8 basis points.

National Treasurer Roberto B. Tan said yesterday’s rates were “almost the same as (that for) done deals” that were pegged at 4.4 percent.

“We just followed the market,” Tan said, describing the changes as “sideways.”

He said there was some uncertainty on whether policy rates in the United States, which affect those in the Philippines, would increase soon.

“The (domestic) market is also uncertain on the budget deficit,” added Tan, referring to the strong possibility that government overspending may exceed the limit of P250 billion set for 2009.

In yesterday’s auction, the Bureau of the Treasury raised a total of P4.93 billion or about just three quarters of the planned P6.5 billion.

Buyers tendered a total of P4.545 billion against the BTr’s offer of P1 billion for the 91-day T-bill.

They also tendered a total of P6.65 billion, or more than thrice the P2-billion offer for the 182-day bill.

Further, lenders pitched a total of P3.98 billion to buy P3.5 billion worth of 364-day bills.