Bangko Sentral ng Pilipinas’ (BSP) 28-day bills attracted strong demand on Friday but its rate posted an uptick.
Data released by the central bank showed that the paper, which is among the central bank’s excess liquidity mopping tools, was offered anew for PHP120 billion and was fully awarded.
Total tenders reached PHP154.09 billion.
Its rate averaged 1.9523 percent, higher than the 1.9102 percent during the auction on April 22.
In a statement, BSP said yields accepted during the auction this week “shifted slightly higher and widened to a range of 1.8950-2.0500 percent”.
“The results of the BSP bill auction reflect normal market conditions amid ample supply of liquidity in the financial system,” it said. “Going forward, the BSP’s monetary operations will remain guided by its assessment of the latest liquidity conditions and market developments.”
Source: Philippines News Agency