Oliver 26 0 0 3 min to read

28-day securities rate for BSP follows the direction of the policy rate

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A day after the key policy rates of the central bank was increased by 50 basis points due to expectations that inflation will continue high, the rate of the Bangko Sentral ng Pilipinas (BSP) 28-day securities increased once more on Friday.

The debt paper’s average rate increased from 6.2647 percent last week to 6.4234 percent this week.

The BSP maintained the offer volume at PHP120 billion while raising the bids to PHP163.7 billion. The auction committee gave out the entire prize.

The yields accepted in this week’s BSP bill auction “moved upward and broadened to a range of 6.2500-6.5400 percent,” according to a statement from BSP Deputy Governor Francisco Dakila Jr.

According to him, “the outcomes of the BSP bill auction demonstrated substantial demand from market participants amid sufficient liquidity in the financial system and following the 50 basis point rate hike by the BSP on December 15.”

The central bank would continue to base its monetary operations on its evaluation of the most recent market and liquidity developments, he continued. (PNA)

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