The level of availment of rediscounting loans for the year 2006 reached P36.3 billion, 8.4 percent higher than the year-ago level of P33.5 billion. Total availments under the peso and dollar/yen rediscount facilities rose primarily on account of increased demand from thrift banks. The rediscounts of P36.3 billion were largely channeled to commercial credits with 71.1 percent, which include export/import financing (51.8 percent), trading loans (18.7 percent) and warehousing loans (0.6 percent). Production credits had a share of 23.4 percent of total rediscounts, which include agricultural loans (6.6 percent) and industrial loans (16.8 percent). Other credits shared a minimal of 5.5 percent of total rediscounts with housing garnering 4.7 percent and other credits/services of 0.8 percent.
The BSP has enhanced the rediscounting facility with the launching of the electronic rediscounting system or eRediscounting last 13 December 2006. eRediscounting is an online internet-based rediscounting facility that allows banks to conduct their rediscounting transactions and inquiries with the BSP in an online, real time basis at the convenience of their own bank premises. To date, thirty banks are now actively participating in the eRediscounting with total availments of P4.0 billion in a period of only two months.