BSP Deputy Governor Francisco Dakila Jr. (File photo) MANILA - Rates of the Bangko Sentral ng Pilipinas' (BSP) term deposit facility (TDF) declined on Wednesday, with demand favoring the shorter tenor facility. Data released by the central bank show that the average rate of the seven-day TDF slipped to 6.2973 percent from 6.3553 percent during the auction last Jan. 11. Also, the rate of the 14-day facility declined to 6.3733 percent from last week's 6.3980 percent. The central bank lowered the offering for both tenors this week to PHP190 billion from last week's PHP220 billion for the one-week facility and to PHP160 billion from PHP170 billion for the two-week TDF. The auction committee fully awarded the shorter-dated TDF after bids reached PHP259.374 billion. However, bids for the two-week facility only amounted to PHP144.785 billion, which the auction committee fully accepted and awarded. BSP Deputy Governor Francisco Dakila Jr., in a statement, said bids submitted in thi