NextGen Day

MANILA, Philippines — Investors’ sentiments were influenced by concerns about the Ukraine-Russia war, which resulted in higher rates and under subscription on the central bank’s term deposit facility (TDF) on Wednesday.

According to data from the Bangko Sentral ng Pilipinas (BSP), the average rate of the seven-day TDF increased to 1.7286 percent, while the 14-day facility increased to 1.8978 percent.

During the auction on February 23, these were 1.6745 percent for the seven-day facility and 1.7882 percent for the 14-day TDF.

The BSP increased the one-week facility offering to PHP220 billion from PHP190 billion the previous week but reduced the two-week facility offering from PHP310 billion to PHP280 billion.

Bids were received for both tenors that were less than the offer volume.

All of the offers were accepted by the auction committee.

The seven-day facility received a total of PHP186.711 billion in tenders, resulting in a bid coverage ratio of 0.8487.

The bid coverage ratio for the 14-day facility was 0.9637, with bids totaling PHP269.828 billion.

The results of this week’s TDF auction “reflected the transitory impact of the settlement of Retail Treasury Bonds (RTB) on 4 March 2022, and in part, on market concerns amid increasing oil prices due to the ongoing geopolitical turmoil,” according to BSP Deputy Governor Francisco Dakila Jr.

“Despite the persistent abundance of liquidity in the banking sector, short-term interest rates remain low,” he remarked.

“In its monetary operations moving forward, the central bank will continue to be guided by its assessment of the latest liquidity conditions and market developments,” he said.

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