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Demand was high in anticipation of the US Federal Reserve meeting the following week, and the BSP’s 28-day bill rate increased on Friday.

According to data made public by the central bank, the average interest rate on the debt paper increased during the auction on April 24 from 6.7592 percent to 6.7715 percent.

From PHP170 billion last week, the BSP reduced the offer volume to PHP150 billion.

The auction committee awarded the complete award when bids surpassed PHP189.375 billion.

“The results of the BSP bill auction remained reflective of eligible participants’ strong demand for BSP Securities ahead of the US Federal Reserve’s policy meeting next week,” BSP Deputy Governor Francisco Dakila Jr. said, referring to the Federal Open Market Committee (FOMC) meeting on May 2-3, 2023.

In line with Dakila’s assertion, the central bank’s “monetary operations will continue to be guided by its assessment of the prevailing liquidity conditions and market developments.”

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