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BSP Rediscount Rates For July - August 2008

08.11.2008

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

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

A. Peso Rediscount Rates

Loan Maturity 

14 to 25 July 2008

 28 July to 08 August 2008 

11 to 22 August 2008

90 days or less

 5.699 percent p.a.1/ 

5.699 percent p.a.4/ 

5.699 percent p.a.5/

91 – 180 days

4.675 percent p.a.2/ 

6.483 percent p.a.3/ 

 6.483 percent p.a.5/

181 – 360 days 

6.747 percent p.a.1/

 6.985 percent p.a.3/ 

6.923 percent p.a.6/

1/ Based on the auction held on 07 July 2008
2/ Based on the applicable rate for the period 30 June to 11 July 2008, since there was no auction for the 182-day T-Bills
3/ Based on the auction held on 21 July 2008
4/ Based on the applicable rate for the period 14 to 25 July 2008, since there was no auction for the 91-day T-Bills
5/ Based on the applicable rate for the period 28 July to 08 August 2008, since there was no auction for the 91- and     182-day T-Bills
6/ Based on the auction held on 04 August 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 August 2008, are as follows:

Dollar

2.46125 percent p.a.

Yen

0.6400 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 31 July 2008.  Under the Peso Rediscount Facility, total availments of commercial, thrift and rural banks amounted to P15.971 billion, of which 65.3 percent went to commercial credits, 21.7 percent to agricultural and industrial credits, 0.2 percent to housing and 12.8 percent to other credits

Since the start of the Export Dollar Facility in 1995, aggregate availments of 29 commercial banks amounted to US$2.152 billion, benefiting 561 exporters. For the month of July 2008, dollar availments totaled US$0.006 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 July 2008.

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