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As demand continues high, the BSP securities rate rises.

MANILA, Philippines — On Friday, demand for the Bangko Sentral ng Pilipinas’ (BSP) 28-day notes was robust, although the rate increased.

The paper, which is one of the central bank’s surplus liquidity mopping instruments, was re-offered for PHP120 billion and completely awarded, according to data supplied by the central bank.

The total amount of tenders received was PHP154.09 billion.

Its average rate was 1.9523 percent, up from 1.9102 percent in the auction on April 22.

The BSP stated in a statement that rates accepted in this week’s auction “moved somewhat higher and broadened to a range of 1.8950-2.0500 percent.”

“The BSP bill auction results indicate typical market circumstances in the face of abundant liquidity in the financial sector,” it stated. “The BSP’s monetary operations will continue to be guided by its assessment of current liquidity conditions and market developments in the future.”

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