NextGen Day

Demand for the Bangko Sentral ng Pilipinas’ (BSP) 28-day Bills, which saw another interest rate decrease on Friday, is continuing to be driven by the normalization of domestic liquidity following the Christmas holidays.

The weighted average accepted yield of debt securities, which is one of the BSP’s surplus liquidity mopping mechanisms, fell to 1.7053 percent from 1.7298 percent during the auction last January 14, according to data issued by the central bank.

The BSP bid PHP100 billion for the debt paper, and the auction committee awarded the full amount.

The total tender value was PHP174.223 billion, with a bid coverage ratio of 1.7422.

“Yields accepted in today’s auction shifted downward but widened to a range of 1.6500-1.7160 percent,” BSP Deputy Governor Francisco Dakila Jr. said in a statement.

“The observed normalization in market conditions following the December holidays,” he remarked of this week’s BSP bills auction outcomes.

“Short-term market interest rates are still low, thanks to plenty of liquidity in the banking system.” The BSP’s monetary operations would continue to be guided by its assessment of current liquidity conditions and market developments in the future,” he added.

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