a market reference following the lapse of the global use of the London Interbank Offered Rate or LIBOR.
It said in a statement this starts a broader initiative to enhance the BSP ON Reverse Repurchase Agreement facility. “Once the enhancements are fully completed, the new rate from the RRP facility will become the ON reference rate,” the BSP said. Under the existing framework, the RRP facility auctions a pre-announced amount at a fixed rate. The ongoing enhancements, such as the change in the auction window from 4 p.m. to 11 a.m., are designed to encourage more active liquidity management by the banks, it said.
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