NextGen Day

According to a high-ranking central bank executive, the rate of the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) increased on Wednesday in line with growing interest rates.

According to data made public by the BSP, the average rate for the seven-day facility rose to 2.6647 percent, while the cost for the 14-day facility increased to 2.7102 percent.

For the one-week facility and the two-week facility, respectively, these were previously set at 2.5472 percent and 2.6754 percent.

The BSP maintained the offer volumes at PHP150 billion for the one-week facility and PHP140 billion for the two-week facility.

The seven-day facility received a total of PHP167.585 billion in bids, yielding a bid coverage ratio of 1.1172.

The bid coverage ratio for the 14-day TDF increased to 1.1646 with bids totaling PHP163.05 billion.

BSP Deputy Governor Francisco Dakila Jr. claimed in a statement that accepted yields changed in this week’s auction.

The accepted yields for the seven-day facility, according to Dakila, narrowed to 2.5000–2.7500%, whilst those for the 14-day TDF widened to 2.5000–2.7999%.

“The TDF auction results remain consistent with typical market circumstances notwithstanding the sustained abundance of liquidity in the banking sector. The BSP’s monetary operations would continue to be directed by its evaluation of the most recent market and liquidity developments going forward,” he added.

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