NextGen Day

MANILA, Philippines — The Bangko Sentral ng Pilipinas (BSP) held a term deposit facility (TDF) auction on Wednesday, which saw strong demand and a drop in the facility’s interest rates.

The interest rate on the seven-day TDF fell to 1.9325 percent, while the 14-day rate fell to 1.9806 percent, according to data issued by the central bank.

During the auction on March 23, these were at 1.9467 percent and 2.0374 percent for the one-week and two-week tenors, respectively.

Because both tenors were oversubscribed, they were both fully awarded.

The BSP increased the one-week TDF offer volume to PHP160 billion from PHP150 billion last week, bringing total tenders to PHP211.867 billion. 1.3242 was the bid coverage ratio.

The 14-day facility’s offer volume grew to PHP230 billion from PHP220 billion last week.

The total amount of bids received was PHP326.942 billion. 1.4215 was the bid coverage ratio.

TDF interest rates fell again this week, according to BSP Deputy Governor Francisco Dakila Jr., but “yields accepted in both tenors shifted upward but narrowed to a range of 1.8500-1.9600 percent for the 7-day TDF and 1.8900-2.0000 percent for the 14-day TDF.”

The TDF auction results “remain in line with the assumption that liquidity circumstances have stabilized amid market expectations of more rate hikes by the US Federal Reserve,” according to Dakila.

“Domestic liquidity is plentiful,” he remarked.

“Going forward, the BSP’s monetary operations would be guided by its assessment of the most recent liquidity conditions and market developments,” he said.

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