Manila: The Bangko Sentral ng Pilipinas (BSP) on Friday reduced the total volume offering of the BSP bills (BSPB) to PHP160 billion from PHP190 billion in the previous week.

In a statement, Deputy Governor Francisco Dakila Jr. said the allocation mix was lowered to PHP60 billion from PHP70 billion for the 28-day tenor and PHP100 billion from PHP120 billion for the 56-day tenor.

The weighted average interest rates fell by 3.31 basis points to 6.3136 percent for the 28-day tenor.

The average interest rate for the 56-day tenor meanwhile, also fell by 3.70 basis points to 6.3255 percent.

Dakila said the range of accepted yields widened to 6.4380 to 6.3136 percent for the 28-day BSPB and to 6.1480-6.4180 percent for the 56-day BSPB.

Total tenders reached PHP129.785 billion from PHP225.470 billion.

Source: Philippines News agency