The rates of the Bangko Sentral ng Pilipinas’ (BSP) term deposit facility (TDF) rose yesterday.
Data released by the central bank showed that the average rate of the seven-day facility increased to 1.6742 percent from last week’s 1.6332 percent.
The average rate of the 14-day facility increased to 1.8544 percent from 1.7804 percent during the auction last March 3.
The BSP lowered the offering for both tenors this week, with the total at P540 billion from last week’s P600 billion.
Specifically, the seven-day facility was offered for P190 billion but it was undersubscribed after tenders only amounted to P145.424 billion.
The auction committee accepted all the bids.
This resulted in a bid coverage ratio of 0.7654, lower than last week’s 1.1402 when this tenor was offered for P200 billion and bids reached P228.031 billion.
Tenders for the longer-tenor facility reached P378.345 billion, higher than the P350-billion offer. This was fully awarded.
The bid coverage ratio stood at 1.0810, higher than the 1.0443 last week when this facility was offered for P400 billion and tenders amounted to PHP417.723 billion.*PNA