The Bangko Sentral ng Pilipinas (BSP) has generated P70 billion from its weekly auction of its own securities. Data from the central bank showed on Friday that its offer of P80-billion securities was 1.7 times oversubscribed after attracting bids worth P120.55 billion. BSP Deputy Governor Francisco Dakila Jr. said in a statement that the auction results showed that liquidity in the financial system remained sufficient. “Moving forward, the BSP monetary operations will remain guided by its assessment of market developments and liquidity conditions,” he added. Offering these securities will be useful for absorbing excess financial system liquidity that is structural in nature, according to Diokno.

Source: Manila Times October 31, 2020 16:18 UTC