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Yields on BSP bills go down following rate cut
Business World Philippines
|June 23, 2025
YIELDS on the Bangko Sentral ng Pilipinas’ (BSP) short-term securities ended lower on Friday, even as the offer went undersubscribed, after it delivered a second straight rate cut.
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The BSP bills fetched bids amounting to P114.299 billion on Friday, higher than the P110-billion offer but lower than the P144.219 billion in tenders for the P130-billion auctioned off on June 13. The central bank partially awarded its offering of securities as the one-month tenor was undersubscribed.
Broken down, tenders for the 28-day BSP bills reached only P46.322 billion, below the P50-billion placed on the auction block as well as the P60.602 billion in bids seen for the same offer volume the prior week. The BSP accepted all the submitted bids.
Banks asked for rates ranging from 5.28% to 5.9%, much wider than the 5.53% to 5.6% band seen a week earlier. This caused the average rate of the one-month securities to decline by 8.94 basis point (bps) to 5.4905% from 5.5799% previously.
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