Yields on term deposits rise after BSP tightening - BusinessWorld Online

YIELDS on the Bangko Sentral ng Pilipinas’ term deposits continued to rise on Wednesday following last week’s aggressive tightening, with market players anticipating more rate hikes to temper elevated inThe central bank’s term deposit facility fetched bids amounting to P278.916 billion on Wednesday, below the P360-billion oer as well as the P336.551 billion in tenders recorded for the P350 billion on the auction block last week.

Banks asked for yields ranging from 5.1% to 5.825%, wider than the 5% to 5.55% band seen a week ago. This caused the average rate of the one-week deposit to rise by 21.34 basis points to 5.4921% from 5.2787% previously. Meanwhile, bids for the 14-day term deposits amounted to P136.681 billion, lower than the P160 billion auctioned oAccepted rates for the tenor were from 5.15% to 6%, higher than the 4.95% to 5.625% margin seen a week ago. With this, the average rate for the two-week paper increased by 19.73 bps to 5.6635% from 5.4662% logged in the previous auction.

“The BSP increased the offer volume in the TDF auction to P360 billion from P350 billion in the previous week. The volume was allocated between the 7-day and 14-day tenors at P200 billion and P160 billion , respectively,” BSP Deputy Governor Francisco G. Dakila, Jr. said, adding that both tenors were undersubscribed.

Source: News Formal (newsformal.com)

Philippines Latest News, Philippines Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

No more jumbo rate hikes — Medalla - BusinessWorld OnlineTHE BANGKO SENTRAL ng Pilipinas (BSP) is ruling out another jumbo rate hike as it expects the US Federal Reserve to slow the pace of tightening in December. So sa january na ulit
Source: bworldph - 🏆 9. / 68 Read more »

CSC to provide financial literacy to government workers - BusinessMirrorTHE Civil Service Commission (CSC) is now working with the Bangko Sentral ng Pilipinas (BSP) and the BDO Foundation Inc. to provide government workers a financial education program, the CSC’s chairman said. In a statement last Monday, CSC Chairman Karlo Alexei B. Nograles said the agency is laying the groundwork for the program. The “Financial
Source: BusinessMirror - 🏆 19. / 59 Read more »

Woman jail visitor yields illegal drugs in LeyteA woman was set to join her mother-in-law in jail after a prison guard found a plastic sachet containing shabu in one of her belongings during her visit to the Leyte Sub-provincial jail in Palompon town. | rdejonINQ /PDI
Source: inquirerdotnet - 🏆 3. / 86 Read more »

Britain's Halfords targets retirees in tight labor marketBritish Prime Minister Rishi Sunak rejects calls for looser immigration rules, leaving employers like Halfords no choice but to look for recruits at home.
Source: rapplerdotcom - 🏆 4. / 86 Read more »

Yields on term deposits rise after BSP tightening - BusinessWorld OnlineYIELDS on the Bangko Sentral ng Pilipinas’ (BSP) term deposits continued to rise on Wednesday following last week’s aggressive tightening, with market players anticipating more rate hikes to temper elevated inflation.
Source: bworldph - 🏆 9. / 68 Read more »