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Due to high demand, the Bangko Sentral ng Pilipinas (BSP) 28-day bill’s rate was reduced on Friday.

According to data supplied by the central bank, the average rate of the debt paper decreased from 6.7374 percent during the auction on May 12 to 6.7222 percent.

The bids reached PHP168.525 billion, while the BSP maintained the offer volume at PHP120 billion. The auction committee gave out the entire prize.

The range of yields acceptable in this week’s securities auction, according to BSP Deputy Governor Francisco Dakila Jr., “narrowed to 6.6850-6.7500 percent.”

“Demand for BSP Securities remained strong following the BSP’s decision to pause its tightening of the monetary policy amid signs of easing inflation,” he said.

He is referring to the Monetary Board (MB) of the BSP’s decision to maintain the central bank’s policy rates in light of the domestic inflation rate’s slowdown and the domestic economy’s continued solid growth.

The key rates are currently at their lowest level since the BSP began its tightening movement in May 2022.

The BSP’s monetary operations would continue to be directed by its evaluation of the current liquidity conditions and market developments, according to Dakila.

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