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BSP holding variable rate repo auction
MALAYSIA — The Bangko Sentral ng Pilipinas plans to hold a variable rate reverse repurchase auction sometime in the upcoming quarter, with September being the latest possible date. In an economic briefing earlier this week, BSP Deputy Governor Francisco Dakila Jr. said this move aims to enhance monetary operations and adopt a more adaptable strategy to manage liquidity in the financial system. Dakila said the BSP will introduce the variable rate repo auction shortly, and he has confirmed that it could occur either in August or September. “It will be similar to the BSP bills auction,” he said. 2 tenors for debt papers The central bank conducts its Securities Facility every week, specifically every Friday. This facility offers two types of tenors: the 28-day and the recently introduced 56-day options. The Central Bank initially introduced the BSP bills in September 2020. Dakila mentioned that the BSP had initiated its transition by moving from accepting fixed-rate fixed-volume bids for the RRP to adopting a fixed-rate full-allotment auction. The final step in this process is to switch to a variable rate auction, expected to occur by the end of the third quarter. These enhancements aim to bring about a variable rate for the overnight RRP, which is known for being more adaptable to fluctuations in market conditions. The post BSP holding variable rate repo auction appeared first on Daily Tribune......»»
BSP to hold variable rate repo auction in August or September
The Bangko Sentral ng Pilipinas plans to hold a variable rate reverse repurchase auction sometime in the upcoming quarter, with September being the latest possible date. In an economic briefing earlier this week, BSP Deputy Governor Francisco Dakila Jr. said this move aims to enhance monetary operations and adopt a more adaptable strategy to manage liquidity in the financial system. Dakila added that the Central Bank will introduce the variable rate repo auction shortly, and he has confirmed that it could occur either in August or September. “It will be similar to the BSP bills auction,” he said. The central bank conducts its Securities Facility every week, specifically every Friday. This facility offers two types of tenors: the 28-day and the recently introduced 56-day options. The Central Bank initially introduced the BSP bills in September 2020. Dakila mentioned that the BSP had initiated its transition by moving from accepting fixed-rate fixed-volume bids for the RRP to adopting a fixed-rate full-allotment auction. The final step in this process is to switch to a variable rate auction, expected to occur by the end of the third quarter. These enhancements aim to bring about a variable rate for the overnight RRP, which is known for being more adaptable to fluctuations in market conditions. The post BSP to hold variable rate repo auction in August or September appeared first on Daily Tribune......»»
Gods in robes
When President Ferdinand “Bongbong” Marcos Jr. warned that the Court of Appeals’ ruling restraining the Energy Regulatory Commission from compelling units of conglomerate San Miguel Corp. to comply with their contracts will hurt consumers through higher prices, he was correct. The CA stopping the power supply agreements or PSAs through a temporary restraining order which was recently upgraded to a permanent injunction, is expected to trigger a chain reaction in the power industry. “(The court action) will cause further dislocations and possible price increases for power,” the President had said. Marcos added his hope that the “CA reconsider and include in their deliberations the extremely deleterious effect this will have on power prices for ordinary Filipinos.” With the CA injunction as a precedent, other power producers are expected to seek the same court accommodation on adverse decisions on price increases handed down by the ERC. When the SMC energy units participated in the bid for Meralco contracts, the terms and conditions presented to them were very clear. As part of a huge business concern, they knew the commercial risks that came with the contracts, and their bids were supposed to reflect such risks. The strange thing is that other power companies that had the good sense either dropped out of the competitive selection process or submitted prices that were more grounded on reality and made do with a straight pricing scheme. SMC gamed the system by submitting a very low bid to win the PSAs and later arm-twisted the ERC to allow an adjustment in the terms of its contracts. After the ERC refused to go along and rejected the petitions, SMC went straight to the CA which promptly issued a TRO that stopped ERC from implementing its ruling. The ERC decision compelled SMC to fulfill the terms of its contract which still had seven years to run. Consumers thus will have to pay for the cost of the relief the CA granted to SMC through higher monthly electricity bills since the recovery of its claimed losses will be through increased prices. The CA’s decision last week overturned the pro-consumer ruling of the ERC, which was the aspiration of the Electric Power Industry Reform Act or EPIRA. SMC, in effect, was able to pass on the financial penalties of bad business decisions to innocent Filipino consumers—especially when they are struggling because of rising inflation. Worse, the CA decision said the permanent injunction applied without prejudice to future rate adjustments of SMC units South Premiere Power Corp. and San Miguel Energy Corp., making the restraint on ERC indefinite when it came to the two SMC affiliates. The global outlook is that fuel prices will remain elevated for quite some time. In this case, SMC and other independent power producers can keep running to the ERC for tariff relief every time they incur significant losses. The court is then the next step, as a result of their injunction power, to stop ERC from disallowing their petitions. Instead of relying on their business acumen to head off losses because of unfavorable global turns, the generating companies place their bets on a court injunction. It did not matter that the injunction undermined the sanctity of contracts, the integrity of the bidding process, and the credibility of SMC’s other supply contracts, the status of which significantly impact consumer welfare. The issue goes far beyond the profit and loss statement of SMC since it has ethical, legal, and consumer welfare concerns tied to it and which the CA should have considered. The court injunction sent the message that power producers can unilaterally end a supply agreement when it no longer suits their business interests. The post Gods in robes appeared first on Daily Tribune......»»
IOU appetite remains high
The Bureau of the Treasury, or BTR, on Monday fully awarded bids for the government’s key Treasury bills. The 91-, 182-, and 364-day T-bills fetched average rates of 5.884 percent, 6.095 percent and 6.226 percent, all lower than previous auction results. Last week, the average rates for the 91-,182-, and 364-day T-bills settled at 5.973 percent, 6.266 percent, and 6.339 percent, respectively. The auction was nearly three times oversubscribed with total bids reaching P44.4 billion. The BTr raised the full program of P15.0 billion for the auction. In a comment, Rizal Commercial Banking Corporation chief economist Michael Ricafort said Treasury bill auction yields corrected lower week-on-week. Yields on downtrend “This is similar to the week-on-week downward correction in PHP Bloomberg Valuation Service yields after US Treasury yields also corrected lower after better US inflation data at a new 2-year low of 3 percent in June 2023, from 4 percent in the previous month and nearing the Fed’s target of 2 percent,” Ricafort said. “The lower T-bill auction yields could have also been supported by the strongest peso exchange rate versus the US dollar in more than three months recently, thereby could reduce import prices and overall inflation that could still ease further due to higher base effects,” he added. On 13 July, the peso closed at 54.51 to a US dollar, its best performance since 5 April. The post IOU appetite remains high appeared first on Daily Tribune......»»
Government rejects all bids for P50 billion T-bills, bonds
The government was not able to borrow P50 billion through the sale of short and long-term securities as an initial offshoot of another aggressive monetary policy move of the US Federal Reserve......»»
BTr rejects anew bids for 91, 364-day T-bills
MANILA - The Bureau of the Treasury (BTr) again rejected bids for the 91-day and 364-day Treasury bills (T-bills) on Tuesday but partially awarded the 182-day tenor after investors asked for high yields.The average rate of the six-month paper rose to 3.958 percent from 3.810.....»»
BTr rejects anew bids for 91, 364-day T-bills
MANILA - The Bureau of the Treasury (BTr) again rejected bids for the 91-day and 364-day Treasury bills (T-bills) on Tuesday but partially awarded the 182-day tenor after investors asked for high yields.The average rate of the six-month paper rose to 3.958 percent from 3.810.....»»
BTr rejects bids of 1-year T-bills despite drop in interest rate
MANILA - Bids for the Philippines' one-year Treasury bills (T-bills) were rejected on Monday even after the decline of the debt paper's interest rate after the auction committee noted low demand compared to the other tenors.However, both the three-month and six-month papers were fully awarde.....»»
BSP earns P120B from securities sale
The Bangko Sentral ng Pilipinas (BSP) has generated P120 billion from its weekly auction of its own securities. Data from the central bank showed on Friday that its offer of P120-billion securities was slightly oversubscribed after attracting bids worth P129 billion. The Bangko Sentral offered and fully awarded P120 billion worth of 28-day BSP bills. […].....»»
Lola Amour bassist Raymond King nibiya sa banda human sa 8 ka tuig
Raymond King, bahista sa indie-rock band Lola Amour, nipahibalo sa iyang pagbiya sa grupo. Niingon siya nga mopursue siya og “long-term plans” apan sa makasubo nga ang banda way labot niini. Si King nibutyag niini sa usa ka statement nga gibuhian niya pinaagi sa Lola Amour nga Facebook page sa Miyerkules, Marso 27. “Hey! This.....»»
Dela Rosa considers war with China but admits: ‘Hindi naman natin kaya’
MANILA, Philippines — Senator Ronald “Bato” Dela Rosa is already fed up with China’s persistent harassments in the West Philippine Sea, prompting thoughts of engaging in war with Beijing. But he knows, war is not an option. “Naubos na ang sasabihin ko dapat dyan. Short of declaring war na tayo dyan against sa kanila e,.....»»
BTr raises P120 billion from T-bond sale
The government raised the entire program of P120 billion in long-term securities this month even as investors’ asking rates were mixed......»»
Marcos admin eyes building 20 new dams by 2028
To meet the country’s growing demand for water and power, the government is eyeing to build 20 medium and three to five large dams by 2028, the end of President Marcos’ term, according to National Irrigation Administration head Eduardo Guillen......»»
PODCAST | Departure, return: The region as liminal space in 3 Filipino films
Minda Salida #13: Departure, return: The region as liminal space in 3 Filipino films The term regional cinema was coined, or became a wave in the landscape of Philippine cinema, with the inception of the Cinema Rehiyon, an annual exhibition and gathering of regional cinemas and filmmakers all over the Philippines, led by the National […].....»»
Southeast Asian Police, Prosecutors Join Forces to Fight Scamdemic
Bangkok - Police and prosecutors across Southeast Asia are forging new ways of working together to thwart and pursue the sprawling criminal networks behind the online scam centers that have quickly taken root in the region, experts involved in the effort have told VOA.In a few short years, scamming hubs bilking billions of dollars out of victims across the globe have set up shop in Cambodia, Laos, the Philippine.....»»
DepEd s SHS vouchers fall short of decongesting public schools, helping poor learners
"It's a waste that we don't solve the problem of congestion because we are randomly giving the voucher program to students," the senator said......»»
Bills vs online piracy to be prioritized with public hearing
Two legislative measures granting additional capability to the Intellectual Property Office (IPO) in curbing online content piracy will be tackled during the recess of the Senate sessions......»»
Southeast Asian Police, Prosecutors Join Forces to Fight Scamdemic
Bangkok - Police and prosecutors across Southeast Asia are forging new ways of working together to thwart and pursue the sprawling criminal networks behind the online scam centers that have quickly taken root in the region, experts involved in the effort have told VOA.In a few short years, scamming hubs bilking billions of dollars out of victims across the globe have set up shop in Cambodia, Laos, the Philippine.....»»
Thin volume seen on short trading week
Local stocks are expected to move sideways this week with only three trading days due to the Holy Week break......»»
Barred Coral Snake seen in Cebu: Beauty and death rolled into one
CEBU CITY, Philippines – A barred coral snake, locally known as “udto-udto” is a slender snake of short length, typically found in gardens or nearby agricultural lands in the Philippines. While they are common in the Philippines, they are rarely spotted due to their small size and their ability to hide effectively. Barred coral snakes.....»»