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Stocks rise anew

The rate of the Bangko Sentral ng Pilipinas’ term deposit facility rose yesterday as investors continued to look for higher yields.

Data released by the central bank showed that the average rate of the seven-day facility increased to 1.8049 percent and of the 14-day facility to 1.8839 percent.

These were at 1.6742 percent and 1.8544 percent for the one-week and two-week TDF, respectively, during the auction last March 10.

The BSP offered the shorter-dated facility for P140 billion and bids totaled P181.075 billion. This resulted in a bid coverage ratio of 1.2934.

Tenders for the 14-day TDF reached P472.79 billion, higher than the P340-billion offer. The bid coverage ratio stood at 1.3906.

In a statement, BSP Deputy Governor Francisco Dakila Jr. said domestic liquidity remains high as proven by the amount of bids in this week’s TDF auction.

“The TDF auction results continue to show that, given ample liquidity in the financial system, market participants are trying to lock-in higher yields amid increasing inflation expectations,” he said.

He added “BSP’s monetary operations will remain guided by its assessment of the latest liquidity condition and market developments.”*PNA

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