{"id":157787,"date":"2018-03-21T23:23:48","date_gmt":"2018-03-22T03:23:48","guid":{"rendered":"https:\/\/canadianinquirer.net\/v1\/?p=157787"},"modified":"2018-03-21T23:23:48","modified_gmt":"2018-03-22T03:23:48","slug":"bsp-cuts-tdf-offering-for-holy-week-auction","status":"publish","type":"post","link":"https:\/\/canadianinquirer.net\/v1\/2018\/03\/21\/bsp-cuts-tdf-offering-for-holy-week-auction\/","title":{"rendered":"BSP cuts TDF offering for Holy Week auction"},"content":{"rendered":"
\"BSP<\/a>
BSP Building (Photo<\/a>: Bangko Sentral ng Pilipinas\/Facebook<\/a>)<\/figcaption><\/figure>\n

MANILA \u2014<\/strong>\u00a0Philippines\u2019 monetary officials cut the offering for the 14-day and 28-day Term Deposit Facility (TDF) for the auction set on March 28, 2018.<\/p>\n

Data released by the Bangko Sentral ng Pilipinas (BSP) Wednesday night showed that the 14-day facility will be offered for PHP30 billion in next week\u2019s auction, down from the PHP40 billion this week.<\/p>\n

Also, offering for the 28-day facility was cut to PHP10 billion from PHP20 billion until this week.<\/p>\n

Volume offering for the seven-day facility was kept at PHP50 billion.<\/p>\n

During the auction this Wednesday, the longer-tenor facilities registered undersubscription unlike the seven-day facility.<\/p>\n

The 14-day facility, which was offered for PHP40 billion, received bids amounting to PHP35.955 billion and the longest-tenor TDF got tenders amounting to PHP19.963 billion, lower than the PHP20 billion offering.<\/p>\n

Monetary officials, in turn, accepted all the bids for both tenors.<\/p>\n

Meanwhile, the seven-day facility received PHP72.293 billion-worth of bids, higher than its PHP50 billion offering. It was awarded in full.<\/p>\n

Earlier, BSP Department of Economic Research (DER) Deputy Director Dennis Lapid said decisions on how much the TDF offer volume would depend on information on domestic liquidity at a certain time.<\/p>\n

\u201cWe calibrate our auction volume based on how much the market has on a given date\u2026based on our information on how much is there in the system,\u201d he said.<\/p>\n

The BSP has adjusted TDF volume offering for several times already.<\/p>\n

When the facility was first introduced in June 2016, the seven-day TDF was offered for PHP10 billion and the 28-day facility for PHP20 billion.<\/p>\n

In the initial auction, the shortest tenor received PHP82.438 billion worth of bids while the longer-tenor facility attracted PHP117.271 billion. Both were awarded in full.<\/p>\n

As liquidity situation changes, the TDF registered over and undersubscriptions, thus, the change in volume offering.<\/p>\n

Also, the 14-day facility was introduced just recently, particularly during the auction on February 14, 2018 as banks request for additional tenors. It was initially offered for PHP20 billion.<\/p>\n

BSP Governor Nestor A. Espenilla Jr., in a WhatsApp message to journalists Wednesday night, urged the latter to \u201cnot overthink\u201d about the cut in volume offering.<\/p>\n

\u201cIt just reflects our forecast that banks tend to want to hold more cash in anticipation of a long holiday,\u201d he said referring to the Holy Week holidays next week, particularly from Maundy Thursday to Easter Sunday.\u00a0<\/em><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

MANILA \u2014\u00a0Philippines\u2019 monetary officials cut the offering for the 14-day and 28-day Term Deposit Facility (TDF) for the auction set …<\/p>\n","protected":false},"author":33,"featured_media":151970,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[1216,1215,1910,28485,15625],"class_list":["post-157787","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business","tag-bangko-sentral-ng-pilipinas","tag-bsp","tag-holy-week","tag-tdf","tag-term-deposit-facility","mauthors-joann-villanueva","mauthors-philippine-news-agency"],"_links":{"self":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/157787","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/users\/33"}],"replies":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/comments?post=157787"}],"version-history":[{"count":0,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/posts\/157787\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media\/151970"}],"wp:attachment":[{"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/media?parent=157787"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/categories?post=157787"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/canadianinquirer.net\/v1\/wp-json\/wp\/v2\/tags?post=157787"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}