NextGen Day

The term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) continues to see strong demand, driving down rates.

The average rate of the seven-day facility fell to 1.6992 percent on Wednesday, while the 14-day facility fell to 1.7654 percent, according to data published by the central bank on Wednesday.

During the auction on July 14, these were at 1.7097 percent for the shorter-tenor TDF and 1.7817 percent for the two-week TDF.

The BSP maintained the one-week facility’s offering at PHP160 billion, while bids remained at PHP230.57 billion. A complete reward was given by the auction committee.

The bid coverage ratio for this tenor was 1.4411, up from 1.3498 the previous week, when bids totaled PHP215.972 billion. The entire amount of the committee’s offer has been awarded.

The two-week facility’s offer volume was raised to PHP400 billion from PHP390 billion the previous week.

Tenders totaled PHP511.241 billion, resulting in a complete award of this tenor by the auction committee.

The bid coverage ratio fell to 1.2781 from 1.3468 in the last auction, when bids totaled PHP525.252 billion.

The high demand for TDF was noted by BSP Deputy Governor Francisco Dakila Jr., who added that the results of this week’s auction “continue to indicate normal market circumstances despite continued adequate liquidity in the financial system.”

“For its monetary operations, the BSP will continue to be guided by its assessment of the current liquidity circumstances and market developments,” he said in a statement.

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