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BSP securities rate falls anew

Bangko Sentral ng Pilipinas - BSP
Bangko Sentral ng Pilipinas

Strong demand for the Bangko Sentral’s 28-day securities resulted in another drop of its rates.

The rate of the debt paper slipped further to 1.6921 percent from 1.6985 percent last week.

The BSP offered the paper for P80 billion and tenders reached P141.25 billion Friday.

This resulted in a bid coverage ratio of 1.7656.

BSP Deputy Gov. Francisco Dakila Jr. said “market participants were looking to lock-in funds for a month ahead of the holidays which led to the further decline in the weighted average interest rate”.

“The sustained strong demand for the BSP deposit facilities amid the coming holidays support the view that financial liquidity remains ample,” Dakila said.

He said the BSP’s monetary operations would continue to be guided by its assessment of market developments and liquidity conditions.