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MANILA, Philippines – Despite a strong demand for debt paper, the rate on the Bangko Sentral ng Pilipinas’ (BSP) 28-day securities fell on Friday.

According to central bank data, the average rate on bills fell to 1.9978 percent from 2.0452 percent during the March 18 auction.

The BSP increased the offer volume from PHP100 billion in the previous auction to PHP110 billion in this one.

There were a total of 155.55 billion PHP worth of tenders, resulting in a bid coverage ratio of 1.4141.

BSP Deputy Governor Francisco Dakila Jr. stated in a statement that the yields accepted in this week’s BSP bills auction “remained low and narrowed to a range of 1.9500-2.0475 percent.”

“The BSP bill auction results continue to be consistent with the observed normalization of liquidity conditions in the face of ample liquidity in the financial system,” he said.

The central bank’s “monetary operations will continue to be guided by its assessment of current liquidity conditions and market developments,” Dakila stated.

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