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BSP Rediscount Rates for February 2011


The BSP announced today the rediscount rates applicable on loan availments by banking institutions for the month of February 2011.

For loans under the Peso Rediscount Facility, the BSP Peso Rediscount Rate is still at 4.0 percent p.a. for all maturities. This rate has remained steady since 01 February 2010 up to the last Monetary Board policy meeting on 29 December 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 February are as follows:

Dollar   0.26000 percent p.a.
Yen       0.12750 percent p.a.

The EDYRF rediscount rates are based on the respective London Inter-Bank Offered Rate (LIBOR) for the last working day of January 2011.

The BSP also announced the level of availments of rediscounting loans for the period 01 to 31 January 2011.  Under the Peso Rediscount Facility, total availments of commercial, thrift and rural banks amounted to P904.1 million, 94.6 percent lower than the P16,762 million total in the same period last year. Out of the P904.1 million availments, 52.4 percent went to commercial credits, 17.1 percent to agricultural and industrial credits, and 30.5 percent to other credits consisting of other services (6.6 percent), CAPEX (12.5 percent), permanent working capital (5.2 percent), housing (6.1 percent) and microfinance (less than 0.1 percent).

Under the EDYRF, aggregate dollar availments of five commercial banks for the period 01 to 31 January 2011 amounted to US$10.0 million benefiting nine exporters. A total of US$13.5 million was granted for the period 01 to 31 January 2010, or a 25.9 percent decrease 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 01 to 31 January 2011.

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