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BSP Rediscount Rates for September 2009

09.10.2009

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

For loans under the Peso Rediscount Facility, the BSP Peso Rediscount Rate remains at 3.5 percent p.a. for all maturities effective 24 August 2009 based on the applicable BSP overnight reverse repurchase rate less 50 basis points per Circular No. 648 dated 02 March 2009. This is the same rate for the period 13 July to 23 August 2009.

Prior to this, the peso rediscount rates were based on the applicable Treasury Bill rates. For the period 08 January to 23 August 2009, the applicable rediscount rates which showed a declining trend are as follows:

 

Term   

Period

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 - Feb. 1

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.   

Mar. 9 - Apr. 19 

4.250 percent p.a.   

Apr. 20 - May 31 

4.000 percent p.a.   

June 1 - Jul.12 

3.750 percent p.a.   

July 13 - Aug. 23 

3.500 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 September are as follows:

Dollar          0.25875 percent p.a.
Yen              0.20000 percent  p.a.

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

The BSP also announced the level of availments of rediscounting loans for the period 01 January to 31 August 2009.  Under the Peso Rediscount Facility, total availments of commercial, thrift and rural banks amounted to P117.123 billion, of which 63.4 percent went to commercial credits, 3.2 percent to agricultural and industrial credits, and 33.4 percent to other credits consisting of other services (15.7 percent), CAPEX (11.8 percent), permanent working capital (5.3 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$2.238 billion, benefiting 571 exporters. For the month of August 2009, dollar availments totaled US$0.005 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 August 2009. 

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