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BSP Rediscount Rates for May 2009


The BSP announced today the rediscount rates applicable on loan availments by banking institutions for the month of May 2009.

For loans under the Peso Rediscount Facility, the BSP Peso Rediscount Rate is set at 4.00 percent p.a. for all maturities effective 20 April 2009 based on the applicable BSP overnight reverse repurchase rate less 50 basis points per Circular No. 648 dated 02 March 2009. This is lower by 25 basis points from the previous rate of 4.25 percent p.a. for 09 March to 19 April 2009.

Prior to this, the peso rediscount rates were based on the applicable Treasury Bill rates. And for the period 08 January to 19 April 2009, the applicable rates which show a declining trend are as follows:




90 day or less 

91-180 days 

181-360 days 

Over 360 days *

Jan. 8 – 18

6.122 percent p.a.

6.700 percent p.a.

6.414 percent p.a.

6.414 percent p.a.

Jan. 19 – 30 

5.000 percent p.a.

5.248 percent p.a.

5.373 percent p.a.

5.373 percent p.a.

Feb. 2 – Mar. 1

4.294 percent p.a.

4.565 percent p.a.

4.761 percent p.a. 

4.761 percent p.a.

Mar. 2 – 8

4.500 percent p.a.

4.500 percent p.a.

4.500 percent p.a.

4.500 percent p.a.

Mar. 9 – Apr. 19 

4.250 percent p.a.

4.250 percent p.a.

4.250 percent p.a.

4.250 percent p.a.

* Subject to yearly repricing

Meanwhile, for loans under the Exporters’ Dollar and Yen Rediscount Facility (EDYRF), the rates for the month of May are as follows:

Dollar               0.41125 percent p.a.
Yen                   0.2875 percent  p.a.

The rediscount rates are based on their respective London Inter-Bank Offered Rate (LIBOR) for the last working day of April 2009.

The BSP also announced the level of availments of rediscounting loans for the period 01 January to 30 April 2009.  Under the Peso Rediscount Facility, total availments of commercial, thrift and rural banks amounted to P41.208 billion, of which 87.9 percent went to commercial credits, 4.8 percent to agricultural and industrial credits, and 7.3 percent to other credits consisting of other services (4.5 percent), CAPEX (1.1 percent), permanent working capital (0.9 percent), housing (0.7 percent) and microfinance (0.1 percent).
Since the start of the Export Dollar Facility in 1995, aggregate availments of 29 commercial banks amounted to US$2.218 billion, benefiting 571 exporters. For the month of April 2009, dollar 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 yen availment for the month of April 2009. 

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