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BSP Rediscount Rates for August

08.10.2007

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

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

Loan Maturity 

30 July to 03 August 2007 

06 to 10 August 2007 

13 to 17 August 2007

90 days or less 

3.625 percent  p.a.*

3.625 percent  p.a.*

3.625 percent p.a*

91-180 days

4.639 percent  p.a.**

4.639 percent  p.a.**

4.639 percent p.a.**

181-360 days 

5.438 percent  p.a.** 

5.438 percent  p.a.**

5.438 percent p.a.**

*  Based on auction held on 16 July 2007.
** Based on auction held on 02 July 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 06 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                     0.635 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 as of 31 July 2007.  Under the Peso Rediscount Facility, total availments of commercial, thrift and rural banks amounted to P14.413 billion, of which 57.2 percent went to commercial credits, 25.1 percent to agricultural and industrial credits, 0.1 percent to microfinance, 1.8 percent to housing and 15.8 percent to other credits. 

Since the start of the Export Dollar Facility in 1995, aggregate availments of 29 commercial banks amounted to US$2.094 billion, benefiting 560 export borrowers.  For the months January to July 2007, availments totaled US$0.028 billion.  On the other hand, four commercial banks had total availments of Y1.989 billion under the Yen facility which opened in June 1999.  Y0.021 billion was availed of for the period January to July 2007.

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