BSP seven-day term deposit yields drop

The yields on the Bangko Sentral ng Pilipinas (BSP)’s seven-day term deposit facility continued to decline this week due to high demand and slower inflation.

Total bids reached PHP181.221 billion, more than double the PHP70 billion offered by the BSP, with yields ranging from 2.25% to 2.29%, compared to 2.25% to 2.375% last week.

The average rate settled at 2.2654%, a decrease of 4.79 basis points from the previous week’s 2.3133%. BSP Deputy Governor Francisco Dakila attributed this strong interest to ample liquidity in the financial system.