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28-day paper from BSP is still in high demand, and the rate is falling.

The demand for the Bangko Sentral ng Pilipinas’ (BSP) 28-day Bills, which showed a lower rate on Friday, continues to be supported by the abundance of domestic liquidity.

Data from the central bank revealed that during the auction on July 1, the average rate of the debt securities dropped from 2.8849 percent to 2.8635 percent.

The BSP increased the offer volume from PHP130 billion last week to PHP150 billion. The full amount was given.

With 222.55 billion PHP in total bids, the bid coverage ratio was 1.4837.

BSP Deputy Governor Francisco Dakila Jr. stated in a statement that accepted yields “moved lower and narrowed to 2.8250-2.8800 percent” during the day.

According to Dakila, the auction’s outcomes “show the strong demand of market participants for the BSP bill amid abundant liquidity in the financial sector.”

The central bank would continue to base its monetary operations on its evaluation of the most recent market and liquidity developments, he continued.

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