MANILA - The average rate of the Bangko Sentral ng Pilipinas' (BSP) 28-day bills declined anew on Friday as demand for the debt paper remained.
Data released by the central bank showed that the average rate of the securities fell to 1.7298 percent from 1.7666 percent during the auction on January 7.
The BSP kept the offer volume at PHP100 billion and the auction committee made a full award.
Total tenders for the debt paper, which is among the central bank's tools to mop up excess liquidity from the system, were nearly double after it reached PHP194.7 billion, resulting in a bid coverage ratio of 1.9470.
BSP Deputy Governor Francisco Dakila Jr., in a statement, said the results of the BSP bills auction this week "continue to reflect the normalization of liquidity conditions in the financial system amid ample supply."
"Going forward, the BSP's monetary operations will remain guided by its assessment of emerging liquidity conditions and market developments," he added. (PNA)