Feedback Corner

Publications and Research

Media Releases

BSP Rediscount Rates for January


The BSP announced today the rediscount rates applicable on loan availments by banking institutions for the month of January 2008.

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

Loan Maturity

 26 December 2007 to 11 January 2008* 

14 to 25 January 2008

90 days or less

3.672 percent  p.a.

3.672 percent p.a.*

91-180 days

4.637 percent  p.a.

4.659 percent p.a.**

181-360 days 

5.558 percent  p.a.

5.580 percent p.a.**

*  Based on auction held on 03 December 2007.  No auction
   was held on 10, 17 and 24 December 2007 and 31 December
   2007 was declared a Special Holiday.

**Based on auction held on 07 January 2008.              

 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               4.60 percent  p.a.
Yen                   0.70250 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 December  2007.  Under the Peso Rediscount Facility, total availments of commercial, thrift and rural banks amounted to P22.738 billion, of which 52.6 percent went to commercial credits, 30.8 percent to agricultural and industrial credits, 0.1 percent to microfinance, 2.0 percent to housing and 14.5 percent to other credits.  

Since the start of the Export Dollar Facility in 1995, aggregate availments of 29 commercial banks amounted to US$2.102 billion, benefiting 561 export borrowers.  For the months of January to December 2007, availments totaled US$0.036 billion.  On the other hand, four commercial banks had total availments of Y1.995 billion under the Yen facility which opened in June 1999.  Y0.027 billion was availed of for the period January to December 2007.

RSS Subscribe for updates