YIELDS on the Bangko Sentral ng Pilipinas’ (BSP) term deposits nudged higher for a sixth straight week as investors price in potentially higher interest rates as monetary authorities stay hawkish due to persisting inflation risks. This was equivalent to a lower bid-to-cover ratio of 1.0579 times versus the 1.3188 ratio seen during the previous auction. Accepted rates for the one-week deposits were from 4.5% to 4.77%, narrower and higher than the 4.25% to 4.7499% range fetched last week. The central bank uses the TDF and BSP bills to mop up excess liquidity in the financial system and better guide market yields towards its policy rate. It earlier said that it limited its TDF offerings to a single tenor to rationalize its liquidity operations and focus on tenors that would boost monetary policy transmission.