MANILA -- The Bangko Sentral ng Pilipinas (BSP) announced the offering of PHP200 billion under its Term Deposit Facility (TDF) on Wednesday.
In an advisory, the central bank said PHP80 billion will be offered under the seven-day facility, while it is PHP60 billion each for the 14-day and 28-day facilities.
TDF is among the BSP’s tools to siphon off excess liquidity in the domestic economy.
Last week, the central bank offered PHP200 billion under its term facility, similar to this week’s volume as well as the volume for the tenors.
Banks submitted a total of PHP298.65 billion worth of bids, with oversubscription registered for all tenors.
The strong demand resulted in the decline of average rates of all three tenors relative to the previous week’s rates. (PNA)
