YIELDS on term deposits climbed on Wednesday following the Bangko Sentral ng Pilipinas’ (BSP) rate hike this month and as global crude oil prices rose after China eased its coronavirus disease 2019 (COVID-19) restrictions.
YIELDS on term deposits climbed on Wednesday following the Bangko Sentral ng Pilipinas’ rate hike this month and as global crude oil prices rose after China eased its coronavirus disease 2019 restrictions.
Banks asked for yields ranging from 6.075% to 6.4%, a slightly higher margin versus the 6% to 6.35% band seen a week ago. This caused the average rate of the one-week papers to climb by 3.94 basis points to 6.286% from 6.2466%. The BSP has not auctioned off 28-day term deposits for more than a year to give way to its weekly offers of securities with the same tenor. It uses term deposits and 28-day bills to mop up excess liquidity in the financial system and better guide market rates.
Yields on the term deposit facility rose this week due to higher oil prices, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said in a Viber message.
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