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The interest rate on the 28-day bill issued by the Bangko Sentral ng Pilipinas (BSP) increased on Friday as a result of high demand.

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The average rate of the bill increased to 6.3584 percent from 6.3545 percent during the auction last January 27, according to auction figures issued by the central bank.

The BSP reduced the offer volume for the auction this week from PHP190 billion to PHP150 billion.

The full award was determined by the auction committee after bids totaling PHP167.222 billion were received.

The yields accepted in this week’s bill auction “moved upward but narrowed to a range of 6.2000-6.4100 percent,” according to a statement from Bangko Sentral ng Pilipinas (BSP) Deputy Governor Francisco Dakila Jr.

According to him, “the BSP bill auction results came amid significant demand from market participants who had previously indicated they would be reallocating some of their assets towards the BSP bill.”

He continued, “Monetary operations will continue to be informed by the central bank’s evaluation of the current liquidity conditions and market developments.

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