bin picking – Banks flock to short-term BSP deposits amid stubbornly high inflation

bin picking – Banks flock to short-term BSP deposits amid stubbornly high inflation

Cash-rich financial institutions bid aggressively on Wednesday for the right to lodge their funds in short-term securities of the Bangko Sentral ng Pilipinas (BSP), marking the third week that the regulator’s term deposit facility auction was oversubscribed.
Data from the BSP showed that banks submitted a total of P128.6 billion worth of bids for the combined P100 billion of one-, two- and four-week deposits offered by the central bank.
As a result, the yields of these instruments have begun to taper off from their sustained uptrend over the last three months.

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