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On Wednesday, the term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) saw a reduction in interest rates, although the 14-day facility was still preferred.

During the auction last April 12, the seven-day facility’s average rate decreased from 6.5939 percent to 6.5898 percent.

The 14-day TDF rate dropped from 6.6362 percent last week to 6.6095 percent this week.

The BSP maintained a PHP170 billion offer volume for the one-week facility, although only PHP149.549 billion in bids were received. The PHP143.699 billion was awarded by the auction committee.

Despite offers reaching PHP131.932 billion, the two-week facility was once again offered for PHP130 billion, but only PHP127.732 billion was accepted.

The bids placed in this week’s TDF auction, according to a statement from BSP Deputy Governor Francisco Dakila Jr., are “within the low end of the BSP’s expected range of volume.”

“The results of today’s TDF auction reflected the anticipated lower liquidity this week as eligible counterparties allocated funds for tax remittances, loan availments, and month-end client requirements,” he stated.

But according to him, “financial system liquidity remains ample.”

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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