MANILA, Philippines — Term deposits yesterday fetched higher rates across the board after the Bangko Sentral ng Pilipinas (BSP) lifted benchmark rates for the first time in more than three years to curb rising inflation. The seven-day term deposits fetched a higher rate of 3.5123 percent from 3.4273 percent last week, while the yield of the 14-day tenor rose to 3.5855 percent from 3.4551 percent. Likewise, the 28-day term deposits fetched a higher rate of 3.4979 percent from last week’s 3.4732 percent from 3.4650 percent. This brought the overnight deposit facility to 2.75 percent, the overnight reverse repurchase facility to 3.25 percent, and the overnight lending facility to 3.75 percent. Likewise, bids for the 28-day term deposits reached P21.73 billion or more than two times the volume of P10 billion.
Source: Philippine Star May 16, 2018 15:22 UTC