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BSP Rediscount Rates for October 2010

10.11.2010

The BSP announced today the rediscount rates applicable on loan availments by banking institutions for the month of October 2010.

For loans under the Peso Rediscount Facility, the BSP Peso Rediscount Rate is set at 4.0 percent p.a. for all maturities effective 01 February 2010. The Peso Rediscount Rate is based on the applicable BSP overnight reverse repurchase rate per Circular No. 679 dated 01 February 2010. 

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

Dollar    0.25625 percent p.a.
Yen       0.14000 percent p.a.

The EDYRF rediscount rates are based on the respective London Inter-Bank Offered Rate (LIBOR) for the last working day of September 2010.

The BSP also announced the level of availments of rediscounting loans for the period 01 January to 30 September 2010.  Under the Peso Rediscount Facility, total availments of commercial, thrift and rural banks amounted to P46,277 million, 67.1 percent lower than the P140,543 million total in the same period last year. Out of the P46,277 million availments, 54.5 percent went to commercial credits, 5.2 percent to agricultural and industrial credits, and 40.3 percent to other credits consisting of other services (26.7 percent), CAPEX (8.5 percent), permanent working capital (3.2 percent)  housing (1.9 percent) and microfinance (less than 0.1 percent).

The P46,277 million availments under the Peso Rediscount Facility exclude the P9.0 million rediscounting loans granted to micro, small and medium enterprises (mSMEs) affected by tropical storms “Ondoy” and “Pepeng”. It will be recalled that the BSP established an additional P 5 billion budget for rediscounting to provide assistance for typhoon-affected mSMEs.

Under the Exporters Dollar and Yen Rediscount Facility (EDYRF), aggregate dollar availments for the period 01 January to 30 September 2010 of seven commercial banks amounted to US$59.1 million benefiting 25 exporters. A total of US$43.0 million was granted for the period January to September 2009, or a 37.4 percent increase in availments under the EDYRF in the same period this year.

On the other hand, there was no Yen-denominated  availment under the EDYRF for the period January to September 2010.

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