DEMAND for the Bangko Sentral ng Pilipinas' (BSP) 28-day bill was strong on Friday, resulting in its full award despite the rate uptick.

Data released by the central bank showed that the debt security was offered for P150 billion, higher than the P140 billion last week. Bids reached P177.065 billion.

The average rate of the debt paper rose to 6.6150 percent from 6.6085 percent during the auction on March 3.

In a statement, BSP Deputy Governor Francisco Dakila Jr. said yields accepted in this week's securities auction 'shifted higher and widened to a range of 6.5000 to 6.7000 percent.'

'The results of the auction continued to reflect strong demand for the BSP bill from market participants,' he said.

He added that the central bank's 'monetary operations will continue to be guided by its assessment of the prevailing liquidity conditions and market developments.'