NextGen Day

On Wednesday, the rates of the central bank’s term deposit facility (TDF) fluctuated again, with demand for the seven-day facility perceived as greater.

The average rate of the seven-day TDF fell to 1.7486 percent from 1.7586 percent during the auction on December 9, according to data issued by the Bangko Sentral ng Pilipinas (BSP), while the rate of the 14-day TDF jumped to 1.8572 percent from 1.8241 percent last week.

This year, the BSP reduced the offer volume for both tenors to PHP150 billion for one week and PHP250 billion for two-week facilities. Both were properly compensated.

The seven-day TDF was offered for PHP160 billion last week, and the 14-day TDF was offered for PHP270 billion.

Tenders for the shorter tenor were PHP242.034 billion, while those for the longer tenor totaled PHP260.629 billion.

TDF findings for this week “are in accordance with the BSP’s judgment that liquidity in the financial system remains abundant,” according to BSP Deputy Governor Francisco Dakila Jr. in a statement.

Market participants’ preference for the shorter tenor, according to Dakila, is due to seasonal influences as banks prepare to service higher cash demand during the holidays.

“In the future, the BSP’s monetary operations will be guided by its assessment of the most recent liquidity conditions and market developments,” he added.

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