MANILA, Nov 25 (Reuters) - The Philippines" Bureau of the Treasury will offer a total of 70 billion pesos ($1.4 billion) worth of T-bills and T-bonds at the auctions in December, compared with the maximum 200 billion pesos that it sought to raise this month, it said on Thursday. The December volume consists of 2 billion pesos of 91-day T-bills, 3 billion pesos of 182-day T-bills and 5 billion pesos of 364-day T-bills, and 40 billion pesos of 7-year and 10-year T-bonds, it said in a memorandum to government securities dealers. ($1 = 50.49 pesos) Reporting by Enrico Dela Cruz; Editing by Martin Petty