NextGen Day

MANILA, Philippines — On Wednesday, the rate of the central bank’s term deposit facility (TDF) showed mixed results, with demand for the shorter-term facility being stronger.

According to data from the Bangko Sentral ng Pilipinas (BSP), the average rate for the seven-day facility fell to 1.6745 percent from 1.6858 percent during the auction on February 16.

The 14-day TDF rate, on the other hand, jumped to 1.7882 percent from 1.7044 percent during last week’s auction.

Tenders for the seven-day facility were PHP259.007 billion, which was greater than the initial offer of PHP190 billion. A full prize was made by the auction committee. The bid coverage ratio was 1.3632.

From total tenders of PHP312.041 billion, the BSP’s auction committee made a complete award of PHP310 billion for the two-week facility. 1.0066 was the bid coverage ratio.

The demand for the TDF has been linked by BSP Deputy Governor Francisco Dakila Jr. to the country’s high liquidity condition, which also affects the direction of TDF yields.

“Monetary operations will continue to be guided by the central bank’s assessment of the latest liquidity conditions and market developments,” Dakila added.

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