Bangko Sentral ng Pilipinas (BSP) Deputy Governor Francisco Dakila Jr. (File photo)

MANILA – The rate of Bangko Sentral ng Pilipinas' (BSP) 28-day bill fell on Friday despite the large volume of bids submitted during the auction.

Data released by the Central Bank showed that average rate of the debt paper went down to 6.6571 percent from 6.6746 percent during the auction last June 2.

BSP slashed the offer volume for the auction this week to PHP120 billion from last week’s PHP140 billion.

Bids amounted to PHP142.695 billion and the auction committee accepted PHP120 billion.

In a statement, BSP Deputy Governor Francisco Dakila Jr. said the range of yields in this week's 28-day securities auction "shifted downward and narrowed to 6.5800-6.7000 percent."

"Looking ahead, the BSP’s monetary operations will continue to be guided by its assessment of the prevailing liquidity conditions and market developments," he said. (PNA)