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BSP Launches Electronic Rediscounting Facility

12.28.2006

The Bangko Sentral ng Pilipinas now has an Electronic Rediscounting System (e-Rediscounting), an internet-based real-time facility that has improved processing and delivery of credit to banks from the manual system’s average of three to five days to just around five minutes. BSP Governor Amando M. Tetangco Jr. (second from right) said this improvement in refinancing technology facilitates credit access for exporters and small, medium and micro-enterprises, particularly those in the countryside. It will also lower the cost of borrowings by banks which should eventually benefit end-user borrowers in terms of lower interest rates. The BSP’s Peso Rediscount Facility has a revolving fund of P20 billion while the Exporters’ Dollar and Yen Rediscount Facility has a revolving fund of $500 million. Present at the launching were officers of the Bankers Association of the Philippines, Chamber of Thrift Banks and the Rural Bankers Association of the Philippines. In photo are, from right: BSP Deputy Governor Diwa Guinigundo; Governor Tetangco; Deputy Governor Armando  Suratos; Asia United Bank President Abraham Co; Metrobank President Arthur Ty; and United Coconut Planters Bank President Jose Querubin.

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