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Explain the BSP Open Market Operations in the Philippines for a complete finance beginner. Who are the parties involved? What transactions, securities, etc. are involved?

Explain the BSP Open Market Operations in the Philippines for a complete finance beginner. 

Who are the parties involved? What transactions, securities, etc. are involved? 

What exactly is a Term Deposit Facility? How does it work in the Ph context? 

 

Are the 7-D TDF Rates and 14-D TDF Rates like options they give to banks? Like if they want a higher interest, they have to wait for 14 days? 

 

What is the difference between bids, awards, and offers? 

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