The term deposit rates of the Bangko Sentral ng Pilipinas fell across-the-board on Wednesday following central bank’s decision to increase its policy rates.

The rate for seven-day tenor dipped to 4.1759 percent from the previous 4.2069 percent while the 14-day facility fell to 4.2449 percent versus last week’s 4.2976 percent.

Likewise, the 28-day rate took a downturn to 4.2844 percent from week-ago’s 4.3590 percent.

All tenors posted fewer offers than previews totaling only P42.169 billion, P37.887 billion and P26.683 billion for seven-day, 14-day and 28-day, respectively.

Tenders for the 14-day facility showed the least performance as total tenders fell by almost half from last week’s P62.531 billion.

The tenders fell short of the P40 billion on offer on Wednesday.

The Monetary Board hiked the policy rates by 50 basis points on 9 August, accumulating 100 basis points increase thus far this year.