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BSP Rediscount Rates for February


The BSP announced today the rediscount rates applicable on loan availments by banking institutions for the month of February 2007.

For loans under the Peso Rediscount Facility, the rates are as follows:

Loan Maturity 

29 January to 02 February 2007

05 to 09 February 2007*

12 to 16 February 2007

90 days or less

3.171 percent p.a. 

3.171 percent  p.a.

3.008 percent p.a.

91-180 days

3.665 percent  p.a.

3.665 percent  p.a.

3.473 percent p.a.

181-360 days

4.218 percent  p.a.

4.218 percent  p.a.

3.998 percent p.a.

*Based on auction held on 22 January 2007.
 In line with the implementation of the market-based pricing mechanism on rediscounting credits, as scheduled under Circular 411 dated 29 October 2003, as amended by Circular No. 515 dated 6 March 2006, the weekly peso rediscount rates are based on the rates for Treasury Bills with the corresponding maturities during the last auction.

Meanwhile, for loans under the Exporters’ Dollar and Yen Rediscount Facility (EDYRF), the rates are as follows:

Dollar 5.32                    percent  p.a.
Yen 0.41188                 percent  p.a.

In line with the implementation of Circular No. 515, the rediscount rates for the Dollar and Yen Facility, which were previously based on their respective London Inter-Bank Bid Rate (LIBID), have been aligned with market rates.  Thus, the rediscount rates are adjusted based on their respective London Inter-Bank Offered Rate (LIBOR) for the last working day of the immediately preceding month.

The BSP also announced the level of availments of rediscounting loans for the month of January 2007.  Under the Peso Rediscount Facility, total availments of commercial, thrift and rural banks amounted to P1.846 billion, of which 28.9 percent went to export/import financing, 6.7 percent to agricultural credits, 46.5 percent to commercial and industrial credits, 0.1 percent to microfinance and 17.8 percent to other credits/services.          

Since the start of the Export Dollar Facility in 1995, aggregate availments of 29 commercial banks amounted to US$2.070 billion, benefiting 559 export borrowers.  For the month of January 2007, availments totaled $0.4 billion.  On the other hand, four commercial banks had total availments of Y1.971 billion under the Yen facility which opened in June 1999.  Y0.3 billion was availed of for the month ending 31 January 2007.

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