MANILA – Rate and bid coverage ratio of the Bangko Sentral ng Pilipinas’ (BSP) seven-day term deposit facility (TDF) fell Wednesday.
Data released by the central bank show the average rate of the facility slipped to 2.3133 percent from 2.4369 percent during the auction last April 22.
The BSP offered this facility for PHP50 billion and made a full award after tenders reached PHP137.159 billion.
This week’s bid coverage ratio is lower than last week’s 3.9763 when the facility was offered for PHP30 billion and received bids amounting to PHP119.288 billion.
In a statement, BSP Deputy Governor Francisco Dakila Jr. said the rate of the seven-day TDF declined by 12.4 basis points from last week’s auction.
“The decline in the interest rate continues to reflect the strong market appetite for BSP deposit facilities amid ample liquidity in the financial system,” he added. (PNA)
