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BSP Rediscount Rates for June - July 2008

07.10.2008

The BSP announced today the rediscount rates applicable on loan availments by banking institutions for the months of June - July 2008.

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

A. Peso Rediscount Rates

Loan Maturity

16 to 27June 2008 

30 June to 11July 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 

6.790 percent p.a.*

6.703 percent p.a.***

*   Based on the auction held on 10 June 2008    
**  Based on the same rates of the previous period since the offering of the 91- and 182-day T-Bills remained suspended*** Based on the auction held on 23 June 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 for the month of July 2008, are as follows:

Dollar              2.4625 percent p.a.
Yen                  0.7175 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 for the period 01 January to 30 June 2008.  Under the Peso Rediscount Facility, total availments of commercial, thrift and rural banks amounted to P12.741 billion, of which 63.7 percent went to commercial credits, 24.5 percent to agricultural and industrial credits, 0.2 percent to housing and 11.6 percent to other credits. 

Since the start of the Export Dollar Facility in 1995, aggregate availments of 29 commercial banks amounted to US$2.146 billion, benefiting 561 exporters.  For the month of June 2008, dollar availments totaled US$0.008 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 June 2008.

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