THE Bangko Sentral ng Pilipinas (BSP) has cut the offering for its 28-day Term Deposit Facility (TDF) on sustained undersubscription but hiked the offering for the seven-day facility.
Data released by the central bank Wednesday showed that the long-term TDF would be offered for P140 billion in the auction scheduled on May 3, 2017, down from P150 billion as of this week.
On the other hand, the shorter-dated facility’s offering next week was hiked to P40 billion from P30 billion.
Last week, the central bank announced the schedule of TDF auction only for this week, a change from the past when the announcement was for auctions in the next two weeks.
BSP Deputy Governor Diwa Guinigundo said the decision regarding the change on the announcement for auction offerings and schedule was made to give the central bank officials more flexibility on any changes that need to be put in place.
Meanwhile, undersubscription on the longer-term TDF was registered again this week after banks submitted P114. 113 billion worth of bids, below the P150 billion offering but higher than the P86.166 billion last week.
The auction committee awarded P113.113 billion for this tenor this week.
Weighted average accepted yield stood at 3.4471 percent, down from the 3.4565 percent last April 19, 2017.
Bid coverage ratio rose to 0.7608, up from the 0.5744 last week.
Bid coverage ratio of the seven-day facility also rose this week to 2.2167 from 1.3781 last week.
Banks offered P66. 502 billion, higher than the P30 billion offering and the P41. 342 billion tenders last week.
The auction committee made a full award for this tenor.
Weighted average accepted yield stood at 3.3068 percent, lower than the 3.3615 percent last week.
MANILA — The 67th Manila FAME, touted as the country’s premiere design and lifestyle event, opened at the World Trade Center in Pasay City Thursday. The 3-day trade show reportedly aims to book USD6-million worth of exports and PHP20 million of domestic sales. In a briefing Thursday, Center...