Yields on the term deposit facility (TDF) of the Bangko Sentral ng Pilipinas (BSP) continued to rise on Wednesday ahead of the Monetary Board’s policy-setting meeting. More:
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“The BSP raised the volume offering for the TDF auction to P330 billion ,” BSP Deputy Governor Francisco G. Dakila, Jr. said in a statement on Wednesday. Banks asked for yields ranging from 6.25% to 6.378%, a lower margin compared with the 6.2975% to 6.4% band seen a week ago. This caused the average rate of the one-week paper to inch up by 0.79 basis point to 6.3559% from 6.348% a week prior.
The central bank has not auctioned 28-day term deposits for more than two years to give way to its weekly offering of securities with the same tenor. Yields on the term deposits were higher ahead of the widely expected BSP rate hike on Thursday, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort likewise said in a Viber message.
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