On Wednesday, the term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) saw…
TDF rates decline, and BSP only partially approves a 7-day facility
On Wednesday, the BSP’s term deposit facility (TDF) rates decreased, while the one-week facility was experienced under subscription.
According to information made public by the central bank, the seven-day TDF’s average rate dropped from 6.5962 percent to 6.5926 percent during the auction on May 17 last year.
Additionally, the average rate of the 14-day TDF decreased from 6.6150 percent last week to 6.5935 percent.
The BSP reduced the offer volume for the seven-day facility from PHP140 billion last week to PHP110 billion.
The auction committee approved bids totaling PHP101.975 billion out of PHP103.975 billion.
From PHP90 billion last week, the offer volume for the two-week facility was reduced to PHP80 billion.
A full award was issued by the auction committee after bids totaled PHP95.82 billion.
According to a statement from BSP Deputy Governor Francisco Dakila Jr., the bids placed in this week’s TDF auction are “well within the BSP’s expected volume range.”
“Even though certain qualified counterparties anticipated the need to attend to client requirements, there was a persistent demand for the TDF facility. HE ADDED THAT the BSP’s monetary operations would continue to be determined going ahead by its evaluation of the most recent market developments and liquidity conditions.
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