NextGen Day

On Wednesday, the term deposit facility (TDF) rates of the Bangko Sentral ng Pilipinas (BSP) saw mixed results, with the shorter tenor drawing lower bids.

According to information made public by the central bank, the average rate for the one-week TDF increased from 6.3322 percent to 6.3553 percent during the auction last January 4, while the rate for the 14-day facility decreased from 6.4180 percent to 6.3980 percent last week.

While changing the allocation to PHP220 billion for the seven-day facility and PHP170 billion for the two-week TDF, the BSP kept the offer volume at PHP390 billion.

The seven-day TDF was provided for PHP230 billion last week, while the 14-day facility was offered for PHP160 billion.

After receiving only PHP190.262 billion in bids for the one-week facility, the BSP awarded PHP189.962 billion.

The two-week facility, meanwhile, was fully awarded after bids totaling PHP186.935 billion were received.

BSP Deputy Governor Francisco Dakila Jr. said in a statement that while yields accepted for the shorter-dated facility “moved higher and narrowed to 6.2700-6.4500 percent,” they “increased higher and narrowed to 6.2500-6.4590 percent” for the two-week facility.

According to him, eligible counterparties moved their placements towards the longer tenor as part of their efforts to manage their liquidity, which is how the TDF auction outcomes came about.

Some banks “had to react to emergency funding obligations,” according to Dakila.

He continued, “Going forward, the BSP’s monetary operations will continue to be informed by its assessment of the most recent market developments and liquidity conditions.

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