Business Technology, Finance Technology & Information Technology
BSP’s 28-day securities rate increased once more.
On Friday, the yield on the 28-day bills issued by the Bangko Sentral ng Pilipinas (BSP) increased once more as it followed the trajectory of the major policy rates of the central bank.
During the auction, last December 23, the average rate of the securities increased slightly to 6.4539 percent from 6.4426 percent.
The BSP increased the offer volume from PHP120 billion to PHP160 billion, which was fully awarded.
With bids reaching PHP224.1 billion, a bid coverage ratio of 1.4006 was achieved.
BSP Deputy Governor Francisco Dakila Jr. has consistently linked the rise in the BSP securities rate to increases in the key interest rates of the central bank, which were raised by 350 basis points from May to December 2022 in order to help combat the high inflation rate.
The BSP is anticipated to keep raising rates as long as domestic inflation continues at a 14-year high and the Federal Reserve keeps tightening its benchmark interest rates.
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