The rate of the Bangko Sentral ng Pilipinas’ (BSP) 28-day securities rose on Friday amidst the strong demand from investors.
Data released by the central bank showed that the average rate of the debt paper rose to 4.9781 percent from 4.7093 percent during the auction last Oct. 7.
The BSP lowered the offer volume to PHP120 billion from the previous week’s PHP140 billion.
Total tenders reached PHP128.105 billion, resulting in the full award of the securities.
In a statement, BSP Deputy Governor Francisco Dakila Jr. said yields accepted in this week’s BSP bill auction “shifted higher and slightly widened to a range of 4.7000-5.2125 percent.”
“The results of the BSP bill auction show a complete pass-through of the BSP’s 22-September policy rate hike along with renewed expectations of further tightening in the global financial market,” he said.
He added the central bank “will continue to conduct its monetary operations guided by its assessment of the latest liquidity conditions and market developments.”
Source: Philippines News Agency