Philippines: BSP term deposit facility rates rise anew

THE Bangko Sentral ng Pilipinas (BSP) term deposit facility (TDF) inched up anew on Wednesday, days after it raised its policy rates.

In a statement, the central bank said that the average rate of the one-week facility increased to 5.4921 percent and the two-week facilities to 5.6635 percent.

These were at 5.0668 percent for the seven-day facility and 5.2799 percent for the 14-day facility during the auction last November 9.

The total volume was allocated between the seven-day and 14-day tenors at P200 billion (from P210 billion) and P160 billion (from P140 billion), respectively.

Tenders reached P278.916 billion, which was below the BSP’s expected volume range.

The BSP said P278.886 billion was the total amount accepted from the total bids received. The BSP awarded a total amount of P142.205 billion (from P142.235 billion) in the one-week facility and accepted all bids received amounting to P136.681 billion in the two-week facility.

“The results of the TDF auction reflected the partial pass-through of the BSP policy rate hike last week. Going forward, the BSP’s monetary operations will remain guided by its assessment of the latest liquidity conditions and market developments,” BSP Deputy Governor Francisco Dakila, Jr. said.

Source: https://www.manilatimes.net/2022/11/24/business/top-business/bsp-term-deposit-facility-rates-rise-anew/1867519