NextGen Day

MANILA, Philippines — On Wednesday, the Bangko Sentral ng Pilipinas (BSP) lowered the term deposit facility (TDF) offer volume as demand remained high, while the facility’s interest rates increased.

According to data issued by the central bank, the seven-day facility’s average rate increased to 1.9603 percent, while the 14-day facility’s rate increased to 2.0905.

The one-week facility had an average rate of 1.9525 percent and the two-week facility had an average rate of 2.0615 percent during the TDF auction on March 9.

The one-week facility’s offer volume was decreased to PHP150 billion from PHP160 billion at last week’s auction, and the 14-day TDF’s offer volume was trimmed to PHP230 billion from PHP250 billion. Both tenors were given their dues in full.

The one-week facility received a total of PHP185.754 billion in tenders, resulting in a bid coverage ratio of 1.2384.

After tenders totaled PHP260.726 billion, the two-week TDF’s bid coverage ratio was 1.1336.

Yields accepted for both tenors in this week’s auction “moved upward but narrowed to a range of 1.7000-2.1000 percent in the seven-day TDF and 1.8000-2.2100 percent in the 14-day TDF,” according to BSP Deputy Governor Francisco Dakila Jr. in a statement.

The result of this week’s TDF auction, according to Dakila, demonstrates “the normalization of market circumstances following the issuance of retail treasury bonds amid investor concerns about global developments.”

“However, TDF rates continue to be low, owing to sufficient liquidity in the banking sector.” In the future, the BSP’s monetary policy would be guided by its assessment of current liquidity conditions and market developments,” he added.

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