MANILA, Jan. 31 -- The Bangko Sentral ng Pilipinas (BSP) slashed the term deposit facility (TDF) volume on Wednesday as it continued to observe low demand for the facility.

BSP Deputy Governor Francisco Dakila Jr. said in a statement that the central bank cut the TDF volume from PHP340 billion to PHP310 billion.

From the PHP180 billion and PHP160 billion allotted for the 7-day and 14-day tenors, respectively, the volume was slashed to PHP160 billion for the short-term facility and to PHP150 billion for the medium-term tenor.

"Total tenders reached PHP257.394 billion, which was lower than the BSP's expected volume range," Dakila said.

Due to undersubscription, the BSP awarded PHP123.856 billion for the 7-day TDF and PHP129.028 billion ...