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TDF rates are rising while domestic liquidity remains high.

MANILA – The term deposit facility (TDF) rate of the Bangko Sentral ng Pilipinas (BSP) increased on Wednesday as domestic liquidity remained high.

According to central bank data, the seven-day facility’s average rate increased to 1.9823 percent from 1.9599 percent on May 11.

The rate of 14-day TDF jumped to 2.0932 percent from 2.0287 percent a week ago.

The BSP offered a one-week facility for PHP120 billion, with a total of PHP146.17 billion in tenders. This tenor received full payment. The bid coverage ratio was 1.2181.

Bids for the two-week TDF exceeded the PHP140-billion offer by PHP181.792 billion.

A full prize was made by the auction committee. The bid coverage ratio was 1.2985.

Domestic liquidity, according to the central bank, remains high, as seen by the level of bids placed during the TDF’s weekly auction.

It had previously linked increases in TDF rates to a stabilization of the domestic liquidity situation.

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