Average interest of the Bangko Sentral ng Pilipinas’ (BSP) 28-day securities slipped 3.08 basis points to 4.8208 percent on Friday.
Data released by the central bank showed that it made a full award of PHP90 billion, lower than that PHP100 billion offering a week ago, and tenders reached PHP111.39 billion.
This resulted in a bid-to-cover ratio of 1.24 percent.
The range of accepted yields narrowed to between 4.6650 and 4.9400 percent, BSP data showed.
The 28-day BSP bill is a primary liquidity management instrument used to mop up excess funds in the financial system. The recent drop in yields indicates sustained demand for central bank securities, even as markets track global monetary trends and domestic economic indicators. (Joann Villanueva/PNA)
