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Manila Bulletin devider Business devider Bids for 7-day TDF reach ₱231.35 B

Bids for 7-day TDF reach ₱231.35 B

Published May 13, 2020 12:00 am
By Lee C. Chipongian The central bank’s 7-day term deposit facility (TDF) attracted ₱231.35 billion bids during its auction on Wednesday against offer of ₱100 billion as banks swamped the lone TDF. This week’s volume is higher than May 6’s ₱70 billion offer. Bangko Sentral ng Pilipinas (BSP) logo During the auction, the TDF’s average rate increased to 2.3135 percent from the previous auction’s 2.2654 percent. The shortest-dated TDF is still the only tenor being offered by the Bangko Sentral ng Pilipinas (BSP), sidelining the other two tenors the 14- and 28-day, while on enhanced community quarantine (ECQ) to manage BSP’s liquidity siphoning off tools. The BSP’s decision to temporarily reduce TDF volume is part of liquidity management measures during the pandemic, said BSP Governor Benjamin E. Diokno. Diokno said the BSP will ensure there is enough much needed liquidity at this critical time of a health crisis. Too boost the confidence of the local financial market, the BSP has implemented several liquidity-enhancing measures such as the reduction in the policy rate of 125 basis points (bps) and cutting banks’ reserve requirement ratio by 200 bps. The BSP also reduced the overnight reverse repurchase (RRP) volume to encourage the shift from RRP to the interbank marketor government securities. The BSP is also buying government securities in the secondary market on top of a ₱300 billion repurchase agreement with the Bureau of the Treasury. In the meantime, Diokno said the BSP is on track with its schedule of launching the BSP bonds in the second semester of 2020. The BSP bonds will complement the TDF as a liquidity management tool. The BSP has conducted pre-launch activities for the bonds before the ECQ was imposed on March 17 and will resume market-sounding exercises when the lockdown is lifted. The BSP restored its authority to sell its own bonds last February 14, 2019 when the amendments to the BSP Charter was signed into a new law.
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