NextGen Day

MANILA, Philippines — The interest rate on the Bangko Sentral ng Pilipinas’ (BSP) 28-day securities increased further on Friday due to oversubscription and larger volume offer.

The average rate of the BSP bills, which are one of the central bank’s surplus liquidity mopping tools, jumped to 2.4109 percent from 2.3183 percent during the auction on May 20, according to data issued by the central bank.

The BSP increased the offer volume for this week’s auction to PHP150 billion, which was fully awarded, up from PHP140 billion last week.

The total amount of bids received was PHP177.1 billion, with a bid coverage ratio of 1.1807.

The range of yields accepted this week “moved higher with a largely unchanged range of 2.1875 to 2.5588 percent,” according to BSP Deputy Governor Francisco Dakila Jr. in a statement.

The level of bids filed during the auction, he said, demonstrated that demand for the debt paper remains strong.

“Moreover, the financial system’s liquidity remained abundant. The BSP’s monetary operations would continue to be guided by its assessment of current liquidity conditions and market developments in the future,” he added.

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