Bangko Sentral ng Pilipinas on Wednesday awarded P30 billion worth of short-term deposits under the interest rate corridor system.
The term deposit facility was oversubscribed, after receiving total tenders of P199.709 billion.
Tenders for the seven-day facility was six times oversubscribed at 82.43 billion, while tenders for the 28-day papers reached P117.27 billion. Both debt papers were awarded at a rate of 2.5 percent.
Bangko Sentral Governor Amando Tetangco Jr. said the first TDF auction was conducted successfully without any technical hitch.
“We are pleased with how the auctions were conducted without any technical hitch. That the auction was filled at the same rate as the ODF [overnight deposit facility] seems to indicate that there is still significant liquidity in the system, which we expect will be siphoned off in the ODF throughout the day,” Tetangco said in a text message to reporters.