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BSP Rediscount Rates for April

04.10.2008

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

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

A. Peso Rediscount Rates

Loan Maturity 

24 March  to 04 April 2008*

07 to 18April 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.

5.705 percent p.a. ***

*   Based on the same rates of the previous period since the tenders for all maturities during the 17 March 2008 auction were all rejected   

**  Based on the same rates of the previous period since there was no auction for the 91-day and 182-day T-Bills during the auction held on 31 March 2008

*** Based on the auction held on 31 March 2008  
            
 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              2.70313 percent  p.a.
Yen                  0.74469 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 March 2008.  Under the Peso Rediscount Facility, total availments of commercial, thrift and rural banks amounted to P5.949 billion, of which 68.5 percent went to commercial credits, 21.5 percent to agricultural and industrial credits, 0.3 percent to housing and 9.7 percent to other credits. 

Since the start of the Export Dollar Facility in 1995, aggregate availments of 29 commercial banks amounted to US$2.114 billion, benefiting 561 exporters.  For the month of March 2008, dollar availments totaled US$0.009 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 yen availment for the month of March 2008.

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