Bangko Sentral ng Pilipinas will offer another P30 billion worth of term deposits in the second auction under the term deposit auction facility scheduled on June 15.
Bangko Sentral said in a notice posted on its Web site that of the total volume, seven-day tenor deposits would account for P10 billion, while 28-day tenors would cover P20 billion.
Bangko Sentral set every Wednesday the auction day for the term deposit auction facility under the interest rate corridor system. The first auction under the facility was set on June 8 when P30 billion worth of term deposits would also be offered to the public.
Bangko Sentral set the interest rates for the formal shift of its monetary operations to an interest rate corridor starting June 3. The rate on the current overnight lending facility of 6 percent was reduced to 3.5 percent while the borrowing rate was adjusted to 3 percent from 4 percent.
