The rates of the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility rose on Wednesday as bids exceeded the upsized offering for both tenors. The average rate of the seven-day facility inched up to 6.5933 percent from 6.5823 percent during the auction last June 7. The rate of the 14-day TDF also increased to 6.5981 percent from last week’s 6.5927 percent. The BSP hiked the offer volume for both tenors to PHP130 billion for the seven-day facility and to PHP110 billion for the 14-day tenor. Last week, the one-week facility was offered for PHP120 billion and the two-week facility for PHP100 billion. Both tenors were fully awarded after bids for the shorter-dated facility reached PHP153.73 billion and the two-week tenor, PHP133.147 billion. In a statement, BSP Deputy Governor Francisco Dakila Jr. said the range of yields accepted during this week’s TDF auction narrowed for both tenors to 6.5500 to 6.6144 percent for the one-week facility, and to 6.5000 to 6.6299 percent for the two-week facility. ‘Moving forward, the BSP’s monetary operations will remain guided by its assessment of prevailing liquidity conditions and market developments,’ he added.
Source: Philippines News Agency
