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BSP 28-day securities’ rate is falling, although demand is still strong.

the BSP’s (Bangko Sentral ng Pilipinas) 28-day After the monetary authorities decided to maintain the key rates of the central bank unchanged last week, the dollar stayed strong on Friday and its average rate decreased.

According to information made public by the BSP, the rate of the securities decreased during the auction on May 19 from 6.7222 percent to 6.6762 percent.

The bids totaled PHP172.06 billion, while the BSP maintained the offer volume at PHP120 billion. The auction committee gave out the entire prize.

BSP Deputy Governor Francisco Dakila Jr. said in a statement that the range of yields acceptable in this week’s securities auction “shifted lower but widened to 6.6000-6.7140 percent.”

“Demand for BSP Securities remained strong following the BSP’s decision last week to pause its monetary policy tightening,” he claimed.

He continued by saying that the central bank’s “monetary operations will continue to be guided by its assessment of the prevailing liquidity conditions and market developments.”

Taking note of the domestic inflation rate’s deceleration, which is anticipated to return to within the government’s 2 percent to 4 percent target band starting in the fourth quarter of the year, BSP’s policy-making Monetary Board (MB) decided to maintain the central bank’s policy rates during its rate-setting meeting on May 18 despite this.

This is in light of the fact that the rate of price increases has been slowing down since last April, when it decreased to 6.6 percent after reaching a 14-year high of 8.7 percent in January.

In comparison, the MB cut the central bank’s forecast for this year’s average inflation rate from 6% to 5.5% and its forecast for 2024 from 3.1% to 2.8%.

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