Wed, 05 Oct 2022

BSP's 28-day bills rate up anew

23 Sep 2022, 22:34 GMT+10

MANILA - The rate of the Bangko Sentral ng Pilipinas' (BSP) 28-day bills rose on Friday, tracking the path of the central bank's key policy rates.
The average rate of the debt securities rose to 4.4203 percent from 4.2224 percent during the auction last Sept. 16.
The BSP kept the offer volume at PHP110 billion, which was fully awarded. Total bids submitted for the auction this week reached PHP158.65 billion.
In a statement, BSP Deputy Governor Francisco Dakila Jr. said accepted yields in this week's BSP securities auction "shifted higher but narrowed to a range of 4.3000-4.5000 percent."
"The results of the BSP bill auction reflect the partial pass-through of the recent 50-bp (basis points) policy rate hike by the BSP amid strong demand from auction participants," he said.
Dakila was referring to the rate hike decision of the central-bank's policy-making Monetary Board (MB) on Thursday, which aims to help address the elevated domestic rate of price increases as well as pressures on the local currency.
"Moreover, financial system liquidity remains ample. Looking ahead, the BSP's monetary operations will continue to be guided by its assessment of the latest liquidity conditions and market developments," he added. (PNA)

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