NextGen Day

MANILA, Philippines — The rate of the Bangko Sentral ng Pilipinas (BSP) term deposit facility fell again as demand remained strong, as seen by the oversubscription despite the increased offer volume.

The seven-day facility’s average rate fell to 1.9177 percent, while the 14-day facility’s rate fell to 1.9490 percent, according to data issued by the central bank.

During the auction on March 30, these were 1.9325 percent for the seven-day TDF and 1.9806 percent for the 14-day facility.

The BSP increased the offer volume for both tenors by PHP10 billion, bringing the one-week facility to PHP170 billion and the two-week facility to PHP240 billion. Both were properly compensated.

The seven-day TDF received a total of PHP189.303 billion in tenders, resulting in a bid coverage ratio of 1.1135.

The bid coverage ratio for the 14-day facility was 1.2114, with bids totaling PHP290.742 billion.

“Acceptable yields in the seven-day TDF remained low but widened to a range of 1.8500-1.9900 percent,” BSP Deputy Governor Francisco Dakila Jr. said in a statement, while “accepted yields in the 14-day TDF fell lower but widened to a range of 1.8250-1.9750 percent.”

“Even as the tax deadline and Holy Week approach,” Dakila added, the results of this week’s TDF auction “show sustained sufficient liquidity in the financial sector.”

“In the future, the BSP’s monetary operations will be guided by its evaluation of the most recent liquidity conditions and market developments,” he said.

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