The Bangko Sentral ng Pilipinas (BSP) has set an overnight (ON) rate to serve as market reference amid the cessation of the global use of the London Interbank Offered Rate (Libor). Know more:
THE Bangko Sentral ng Pilipinas has set an overnight rate to serve as market reference amid the cessation of the global use of the London Interbank Offered Rate .
“This starts a broader initiative to enhance the BSP ON RRP Agreement facility. Once the enhancements are fully completed, the new rate from the RRP facility will become the ON reference rate,” according to the central bank. The central bank said this is also in line with the transition from a fixed-rate fixed-volume to a fixed-rate full-allotment auction and then, to an eventual variable-rate auction.
The BSP said the expected result of these improvements is a variable rate from the ON RRP facility that would be more responsive to changing market conditions.
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