Despite the ongoing coronavirus disease 2019 (Covid-19), there is still so much money in the Philippine financial system as evidenced by the latest securities auction of the Bangko Sentral ng Pilipinas (BSP) getting P162.80 billion in offers.
BSP data on Friday showed that its offer of P100-billion securities was 1.63 times oversubscribed, attracting bids worth P162.80 billion. This prompted the BSP to fully award P100 billion worth of its one-month BSP bills.
“The sustained demand for the BSP bills supports the view that financial system liquidity is ample as demand for cash holdings normalizes following the holidays,” BSP Deputy Governor Francisco Dakila Jr. said in a statement.
“Moving forward, the BSP’s monetary operations will remain guided by its assessment of liquidity conditions and market developments,” he added.
On Friday, the BSP also reported growth in the country’s money supply in October, but at a slower pace.
In a statement, the BSP said the country’s domestic liquidity rose by 11.8 percent year-on-year to P13.5 trillion at the end of October 2020. SOVEREIGNPH