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BSP Rediscount Rates for August 2009

08.10.2009

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

For loans under the Peso Rediscount Facility, the BSP Peso Rediscount Rate remains at 3.5 percent p.a. for all maturities effective 13 July 2009 up to the next policy revision scheduled on 20 August 2009.  The Peso Rediscount Rate is 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 3.75 percent p.a. for the period 01 June to 12 July 2009.

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

Dollar          0.27938 percent p.a.
Yen              0.20875 percent  p.a.

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

The BSP also announced the level of availments of rediscounting loans for the period 01 January to 31 July 2009.  Under the Peso Rediscount Facility, total availments of commercial, thrift and rural banks amounted to P108.136 billion, of which 61.8 percent went to commercial credits, 3.0 percent to agricultural and industrial credits, and 35.2 percent to other credits consisting of other services (16.6 percent), CAPEX (12.4 percent), permanent working capital (5.6 percent), housing (0.6 percent) and microfinance (less than 0.1 percent).

Since the start of the Export Dollar Facility in 1995, aggregate availments of 29 commercial banks amounted to US$2.233 billion, benefiting 571 exporters. For the month of July 2009, 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 July 2009. 

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