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Term deposit yields decline on BSP rate decision, Fitch move
Interest rates on the Bangko Sentral ng Pilipinas' (BSP) term deposit facilities saw a decrease across all tenors on Wednesday, influenced by the central bank's recent rate cut and Fitch Ratings' improved outlook on the Philippines.
The seven-day term deposit facility experienced a drop in its average rate to 3.8943 percent, with yields ranging from 3.75% to 4.3%.
This facility was undersubscribed, with banks submitting PHP49.66 billion in tenders against a PHP60 billion offer, and tenders were also down from the previous week.
The 14-day term deposit facility's average rate also declined to 3.8772 percent, with yields ranging from 3.625% to 4%.
Tenders for the 14-day facility amounted to PHP63.545 billion, exceeding the PHP60 billion auctioned but falling short of last week's bids.
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The Bureau of the Treasury (BTr) successfully sold all P20 billion in Treasury bills offered on Monday, February 10, as rates declined across all tenors.
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Philippine Treasury bill rates declined across the board on Monday, driven by concerns over the COVID-19 outbreak and anticipation of further monetary easing by the Bangko Sentral ng Pilipinas (BSP).
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The Bangko Sentral ng Pilipinas (BSP) has cut its benchmark interest rate by 25 basis points to 3.75 percent, with the overnight lending and deposit facilities adjusted to 4.25 percent and 3.25 percent, respectively.
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