UNDERSUBSCRIPTION was registered by the Bangko Sentral ng Pilipinas' (BSP) 28-day bill on Friday, and its rate slid relative to last week's level.

BSP raised the offer volume in this week's 28-day debt paper auction to P140 billion, from the P120 billion during the auction last May 26.

However, bids only amounted to P112.627 billion. The auction committee accepted P110.627 billion.

Average rate of the securities slipped to 6.6746 percent from last week's 6.6762 percent.

In a statement, BSP Deputy Governor Francisco Dakila Jr. said the range of yields accepted in this week's securities auction widened slightly to 6.6000-6.7350 percent.

'The results of today's BSP Bill auction came as market participants managed their cash flows and tended to client requirements. Looking ahead, the BSP's monetary operations will continue to be guided by its assessment of the prevailing liquidity conditions and market developments,' he added.