The Bangko Sentral ng Pilipinas (BSP) has raised the term deposit facility (TDF) offer volume this week to P360 billion from P310 billion last September 2, with results still at oversubscribed levels while yields are mixed. The TDF had P541.44 billion tenders.
The 7-day tenor has a higher volume this week of P150 billion and it attracted P197.39 billion tenders at a higher yield of 1.8276 percent.
The 14-day tenor also had a higher volume of P160 billion, receiving P250.28 billion at 1.8479 percent while the 28-day TDF, still offered at P50 billion, had P93.77 billion while the average rate slid to 1.8518 percent.
BSP Deputy Governor Francisco G. Dakila Jr. said that “results of the TDF auction continue to show ample liquidity in the financial system (and) the BSP’s calibration of monetary operations will remain guided by its assessment of market developments and liquidity conditions.”
He noted that all tenors were oversubscribed with tenders for 7-day, 14-day and 28-day tenors at 1.32x, 1.56x and 1.88x their respective offer volumes.
The average interest rates for the 7-day and 14-day tenors increased by 1.46 basis points (bps) and 0.56 bp to 1.828 percent and 1.848 percent, while that for the 28-day TDF declined by 0.95 bp to 1.852 percent, said Dakila.