MANILA: Rate of the Bangko Sentral ng Pilipinas’ (BSP) 28-day securities rose anew on Friday, a day after the central bank’s key policy rates have been hiked by 50 basis points as inflation is seen to remain elevated.
Average rate of the debt paper rose to 6.4234 percent from last week’s 6.2647 percent.
BSP kept the offer volume at PHP120 billion and bids remained higher at PHP163.7 billion. The auction committee made a full award.
BSP Deputy Governor Francisco Dakila Jr., in a statement, said yields accepted in this week’s BSP bill auction “shifted higher and widened to a range of 6.2500-6.5400 percent.”
“The results of the BSP bill auction reflected strong interest from market participants amid ample liquidity in the financial system and following the 50-bp rate hike by the BSP on 15 December,” he said.
He added that the central bank’s “monetary operations will remain guided by its assessment of the latest liquidity conditions and market developments.”
Source: Philippines News Agency
