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TDF postings saw an increase in rates.

On Wednesday, under subscription was also reported along with the higher trend for the term deposit facility (TDF) rates of the Bangko Sentral ng Pilipinas (BSP).

According to information made public by the central bank, the average rate for the seven-day facility increased from 4.433% last week to 4.6119%, and for the 14-day facility, it increased from 4.4857% to 4.6492%.

The BSP maintained the offering for the two-week TDF at PHP140 billion while reducing the offering for the one-week facility from PHP200 billion to PHP170 billion.

The auction committee fully awarded the PHP154.362 billion in bids received for one week.

The two-week facility received bids totaling PHP132.523 billion, which was chosen during the auction.

Yields accepted for the shorter-dated TDF “moved upward but narrowed marginally” for both tenors, according to a statement from BSP Deputy Governor Francisco Dakila Jr.

According to him, the ongoing under-subscription in today’s TDF auction can be attributable to counterparties’ anticipation of increased loan disbursements and withdrawals from time deposits.

Dakila asserted that there is still enough liquidity in the financial sector.

He continued, “Going forward, the BSP’s monetary operations will continue to be informed by its assessment of the most recent market developments and liquidity conditions.

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