MANILA — The average interest rate of the Bangko Sentral ng Pilipinas’ (BSP) 28-day securities declined by 3.08 basis points to 4.8208 percent on Friday, data from the central bank showed.

The BSP made a full award of PHP90 billion, lower than the PHP100 billion offering a week earlier, while total tenders reached PHP111.39 billion.

This resulted in a bid-to-cover ratio of 1.24.

Data also showed that the range of accepted yields narrowed to between 4.6650 percent and 4.9400 percent.

The 28-day BSP bill serves as the central bank’s primary liquidity management instrument to absorb excess funds in the financial system. The decline in yields reflects sustained demand for central bank securities as markets continue to monitor global monetary trends and domestic economic indicators.