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A senior Bangko Sentral ng Pilipinas (BSP) executive ascribed the high demand for and rising rate of the central bank’s 28-day securities to the abundance of liquidity in the economy.

According to BSP data, during the July 15 auction, the average rate of the debt paper, one of the measures the central bank uses to remove excess liquidity from the financial system, increased slightly to 3.45 percent from 3.3958 percent.

It maintained the PHP150 billion offer volume, which the auction committee completely awarded. The total amount of bids was PHP229.366 billion.

The range of yield accepted at the auction “moved upward but reduced to a range of 3.2000-3.5168 percent,” according to a statement from BSP Deputy Governor Francisco Dakila Jr.

According to him, “the outcomes of the BSP bill auction show regular market conditions, underpinned by plenty of liquidity in the financial system.”

He continued, “Monetary operations will continue to be guided by the central bank’s assessment of the most recent liquidity conditions and market developments.”

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