Manila, June 26 -- Rates of the Bangko Sentral ng Pilipinas' (BSP) Term Deposit Facilities (TDF) declined Wednesday, reminiscent of the auction of government-issued securities on Tuesday.
Data released by the central bank showed that average rate of the seven-day facility slipped to 4.6240 percent from 4.6278 during the auction last June 19.
Rate of the 14-day facility went down to 4.7002 percent from 4.7107 percent in the previous session.
Both facilities were oversubscribed this week.
Banks submitted a total of PHP14.41 billion worth of tenders for the shorter-tenor facility, higher than the PHP10 billion offer but lower than the PHP20.259 billion last week. The auction committee made a full award.
The lower bids this week resulted i...