THE auction of P180-billion term deposit facility (TDF) on Thursday failed to draw enough subscriptions, reflecting what the central bank said could be a seasonal factor—banks keeping cash ahead of the holidays—and the impact of regulatory restrictions on trust entities’ access to government deposit facilities as investment outlets.
The Bangko Sentral ng Pilipinas (BSP) awarded just over P129 billion at the auction, short of the P180-billion government offer.
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