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Term deposits from the BSP continue to be in high demand.

The term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) posted mixed results once again, but demand remained robust, resulting in continuous oversubscription.

The average rate of the seven-day facility, which is one of the BSP’s surplus liquidity mopping tools, jumped to 1.7413 percent from 1.7227 percent during the auction on January 26, according to data issued by the central bank on Wednesday.

The 14-day facility’s weighted average interest rate, on the other hand, fell to 1.6899 percent from 1.6972 percent in the last auction last week.

The TDF offer volume was modified by the BSP, but the auction committee gave full rewards to both tenors.

The BSP reduced the offer volume for the one-week facility from PHP240 billion to PHP220 billion this week.

The total amount of tenders received were PHP240.097 billion, with a bid coverage percentage of 1.0004 percent.

The 14-day TDF offer volume was increased to PHP330 billion from PHP395.15 billion the previous week.

The bid coverage ratio was 1.1974.

BSP Deputy Governor Francisco Dakila Jr. stated in a statement that accepted yields for the one-week facility fell to 1.6100-2.1900 percent, while those for the two-week TDF fell to 1.6050-1.7100 percent.

“The TDF auction results demonstrate sustained financial system normalization amid sufficient liquidity,” he stated, citing “low short-term market interest rates.”

“Monetary operations will continue to be guided by the central bank’s assessment of the latest liquidity conditions and market developments,” he said.

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