BSP auction oversubcribed

THE term deposit facility auction of Bangko Sentral ng Pilipinas on Wednesday remained highly oversubscribed in the wake of excess liquidity in the financial system.

Data from Bangko Sentral showed the P10 billion worth of seven-day deposits attracted total tenders of P34 billion, with a weighted average accepted yield of 2.5 percent. 

The 28-day P80 billion offered lured total bids of P172 billion and fetched a weighted average accepted yield of 2.54 percent.

Bangko Sentral Deputy Governor Diwa Guinigundo said at the sidelines of an event in Makati Wednesday that the size of future increases in the volume of auctions might vary.