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Rates for BSP’s term deposit facilities decrease

A high-ranking central bank official attributed the Wednesday decline in the rates of the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) to the robust demand for the debt paper.

During the April 12 auction, the seven-day TDF’s average rate dropped from 6.5939 percent to 6.5902 percent.

Additionally, the 14-day TDF rate dropped from 6.6362 percent last week to 6.6153 percent this week.

The BSP maintained the offer volumes at PHP170 billion for the one-week facility and PHP130 billion for the two-week TDF.

Both tenors were fully awarded after bids for the one-week TDF totaled PHP184.251 billion and PHP145.721 billion for the longer tenor.

BSP Deputy Governor Francisco Dakila Jr. stated in a statement that TDF bids in this week’s auction “settled within the BSP’s expected volume range.”

According to Dakila, the acceptable yield range for both tenors “shifted lower and widened,” with the one-week tenor’s results falling between 6.3000 percent and 6.6288 percent and the two-week facility’s figures falling between 6.5000 percent and 6.6400 percent.

“The auction’s outcomes were consistent with market participants’ ongoing demand for the TDF. The BSP’s monetary operations would continue to be determined going ahead by its evaluation of the most recent market developments and liquidity conditions, he added.

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