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Bangko Sentral ng Pilipinas (BSP) said on Friday robust demand for the 28-day Bills resulted in the rise of the debt paper’s rates.

Data released by the central bank showed that the average rate of the debt instrument increased to 1.7227 percent from the previous week’s 1.7190 percent.

The BSP offered the paper for PHP110 billion and the auction committee made a full award. Total tenders amounted to PHP125.35 billion.

BSP Deputy Governor Francisco Dakila Jr., in a statement, noted that the accepted yield in this week’s Bills auction widened to a range of 1.7025 percent to 1.8250 percent.

Last week, the range of yields accepted was from 1.7000 percent to 1.7400 percent.

Dakila said the results of the debt paper’s auction this week “continue to reflect stable market conditions amid sustained ample liquidity in the financial system.”

“Looking ahead, the BSP’s monetary operations will continue to be guided by its latest assessment of liquidity conditions and market developments,” he added.