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BSP Rediscount Rates for March 2008

03.10.2008

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

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

A. Peso Rediscount Rates

Loan Maturity

26 February  to 07 March 2008*

10 to 19March 2008**

90 days or less

3.673 percent  p.a.

3.673 percent p.a.

91-180 days

4.675 percent  p.a.

4.675 percent p.a.

181-360 days

5.266 percent  p.a.

5.266 percent p.a.

*   Based on the same rates of the previous period since the tenders during the 18 February 2008 auction were all rejected. 

**  Based on the same rates of the previous period since the tenders during the 03 March  2008 auction were all rejected. 
            
In line with the implementation of the market-based pricing mechanism on rediscounting credits, as scheduled under Circular 411 dated 29 October 2003 and 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                  3.11063 percent  p.a.
Yen                      0.85500 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 29 February 2008.  Under the Peso Rediscount Facility, total availments of commercial, thrift and rural banks amounted to P3.65 billion, of which 70 percent went to commercial credits, 24 percent to agricultural and industrial credits, 0.3 percent to housing and 5.7 percent to other credits.

Since the start of the Export Dollar Facility in 1995, aggregate availments of 29 commercial banks amounted to US$2.105 billion, benefiting 561 exporters.  For the month of February 2008, availments totaled US$0.001 billion.  On the other hand, four commercial banks had total availments of Y1.995 billion under the Yen facility since its opening in June 1999.  There was no availment for the month of February 2008.

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