The Bangko Sentral ng Pilipinas (BSP) has reduced the term deposit facility (TDF) offering for the October 2 auction to PHP70 billion from PHP90 billion last week.
In an advisory, the central bank said the seven-day facility will be offered for PHP30 billion, similar to the September 23 auction offer.
However, both the 14-day & 28-day facilities will be offered for PHP20 billion from PHP30 billion last week.
In the previous week’s auction, all tenors were undersubscribed and the auction committee fully accepted the tenders.
The shortest tenor attracted PHP26.616 billion worth of bids; the 14-day, PHP23.07 billion; and the 28-day, PHP24.779 billion.
The BSP adjusts the TDF offer based on its liquidity projection for the auction week. (PNA)