MANILA: Demand for the Bangko Sentral ng Pilipinas’ (BSP) 28-day bill remained strong and its rate run contrary to the rise in domestic interest rates.
The BSP kept the offer volume for the securities at PH160 billion and bids reached PHP235.58 billion. The debt paper was fully awarded.
The average rate of the bill declined to 6.3590 percent from 6.4539 percent during the auction last Jan. 6.
In a statement, BSP Deputy Governor Francisco Dakila Jr. said yields accepted in this week’s securities auction “shifted lower and widened to a range of 6.0000-6.4375 percent.”
“The results of the BSP bill auction remain reflective of strong interest from market participants amid ample liquidity in the financial system,” he said.
He added the central bank’s “monetary operations will continue to be guided by its assessment of the latest liquidity conditions and market developments.”
Source: Philippines News Agency