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BSP Rediscount Rates for December 2008 January 2009

01.13.2009

The BSP announced today the rediscount rates applicable on loan availments by banking institutions for the months of December 2008 – January 2009.

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

A. Peso Rediscount Rates

Loan Maturity

15 to 26 December 2008  

29 December 2008 to 09 January 2009 3/

12 to 23 January 2009 4/

90 days or less 

6.122 percent p.a.1/ 

6.122 percent p.a.

6.122 percent p.a.

91-180 days 

6.700 percent p.a.2/

6.700 percent p.a.

6.700 percent p.a.

181-360 days 

6.414 percent p.a.1/

6.414 percent p.a.

6.414 percent p.a.

Over 360 days (subject to repricing every year)

6.414 percent p.a.

6.414 percent p.a.

1/ Based on the auction held on 08 December 2008
 
2/ Based on the applicable rate for the period 02 to 12 December 2008 since there was no auction for the 181-day T-Bills
 
3/ Based on the applicable rates for the period 15 to 26 December 2008 since there was no auction held on 22 December 2008
 
4/ Based on the applicable rates for the period 29 December 2008 to 09 January 2009 since there was no auction held on 05 January 2009

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. 630 dated 11 November 2008, 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 January 2009, are as follows:

Dollar

0.43625 percent p.a.

Yen

0.69125 percent p.a.

In line with the implementation of Circular No. 630, 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 December 2008.  Under the Peso Rediscount Facility, total availments of commercial, thrift and rural banks amounted to P57.754 billion, of which 83.4 percent went to commercial credits, 10.5 percent to agricultural and industrial credits, 0.2 percent to housing and 5.9 percent to other credits.

Since the start of the Export Dollar Facility in 1995, aggregate availments of 29 commercial banks amounted to US$2.196 billion, benefiting 571 exporters. For the month of December 2008, dollar availments totaled US$0.002 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 December 2008.      

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