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The BSP’s 28-day securities rate continues to decrease due to high demand.

The Bangko Sentral ng Pilipinas (BSP) 28-day securities rate dropped again on Friday, owing to the strong domestic liquidity position.

The average rate of debt paper fell to 1.7487 percent from 1.7619 percent at the auction on August 6, according to data published by the central bank.

The BSP maintained the volume offer at PHP100 billion, while total bids came in at PHP183.25 billion, up from PHP165.88 billion the week before.

This yielded a bid coverage ratio of 1.8325, which was higher than the previous auction’s 1.6588.

The results of the 28-day securities auction this week, according to BSP Deputy Governor Francisco Dakila Jr., are “in accordance with current market trends as financial system liquidity remains adequate.”

He said, “Moving ahead, the BSP’s monetary operations will continue to be guided by its current assessment of liquidity circumstances and market developments.”

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