Business Technology, Finance Technology & Information Technology
The rate on BSP 28-day bills continues to fall.
On Friday, the rate of the Bangko Sentral ng Pilipinas’ (BSP) 28-day securities fell as the economy’s high liquidity condition fueled demand for the paper.
The average rate of the paper, which is one of the central bank’s tools for draining excess liquidity from the economy, fell to 1.8534 percent from 1.8653 percent previous week, according to data supplied by the central bank.
Tenders totaled PHP104.56 billion, with the BSP keeping the offer volume at PHP80 billion.
The debt issue was completely awarded, with a 1.3070 bid coverage ratio.
The results of this week’s securities auction, according to BSP Deputy Governor Francisco Dakila Jr., “continue to reinforce the view that liquidity in the financial system is sufficient amid market players’ preparations for the holiday cash demand.”
“The BSP’s monetary operations will continue to be guided by its assessment of evolving liquidity conditions and market developments,” he said.
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