MANILA - The Bangko Sentral ng Pilipinas (BSP) fully awarded both the seven-day and 14-day term deposit facility (TDF) tenors on Wednesday due to strong demand despite the uptick in rates. It lowered the offer volume for the seven-day facility to PHP150 billion from last week's PHP190 billion and the two-week facility to PHP130 billion from PHP140 billion previously. Tenders for the one-week TDF reached PHP159.827 billion while it amounted to PHP164.959 billion for the two-week facility. In a statement, BSP Deputy Governor Francisco Dakila Jr. said total bids submitted during this week's TDF auction "was slightly above the BSP's expected volume range." This, after the central bank lowered the offer volume "based on actual bids received last week." The average rate of the one-week TDF rose to 6.3886 percent from 6.3559 percent during the auction last Feb. 15. The rate of the 14-day TDF also inched up to 6.4180 percent from last week's 6.3802 percent. Dakila said yields accepted in this week's TDF auction widened to between 6.2500 to 6.5500 percent for the one-week tenor and to between 6.2500 to 6.4944 percent for the two-week facility. "The results of the TDF auction reflected strong demand for both tenors following the BSP's decision last 16 February to raise its key policy rate by 50 bps. Moving forward, the BSP's monetary operations will remain guided by its assessment of the latest liquidity conditions and market developments," he added. (PNA) }