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Term deposit facility rates rise anew

By Joann Villanueva

May 4, 2022, 8:21 pm

MANILA — The rate of the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) rose on Wednesday, with the 14-day facility posting undersubscription. 
 
BSP data show that the average rate of the seven-day TDF rose to 1.9597 percent from 1.9595 during the auction last April 27. 
 
The rate of the 14-day facility also increased to 2.0352 percent from the previous auction’s 1.9680 percent. 
 
The BSP lowered the offer volume for the one-week facility to PHP100 billion from the previous week’s PHP140 billion.
 
This was fully awarded from total bids of PHP139.258 billion.
 
The two-week facility was offered for PHP170 billion, lower than last week’s PHP180 billion. 
 
Total bids reached PHP156.804 billion, which the auction committee fully accepted. 
 
BSP Deputy Governor Francisco Dakila Jr. earlier traced the upticks in the TDF rates, as well as the undersubscription, partly to improving credit activity. 
 
He, however, said liquidity in the domestic financial system remains ample to support rising credit demand. 
 
“For its part, the BSP will continue to assess the latest liquidity conditions and market developments in its monetary operations strategy going forward,” he added. (PNA)
 

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