The central bank only accepted P118.948 billion of the tenders to cap the rise in TDF yields. Accepted yields for the one-week deposits ranged from 4.7% to 4.78%, higher but narrower than the 4.6125% to 4.77% margin in the previous auction. TDF yields rose on Wednesday after BSP Governor Eli M. Remolona, Jr. said they could tighten as much as necessary to steer inflation back to their 3% target, Rizal Commercial Banking Corp. Chief Economist Michael L. Ricafort said. “BSP Governor Remolona reiterated recently a possible BSP rate hike at the next BSP rate-setting meeting on Aug. 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.