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BSP Rediscount Rates for March 2011


The BSP announced today the rediscount rates applicable on loan availments by banking institutions for the month of March 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 10 February 2011.  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 March are as follows:

Dollar  0.26100 percent p.a.
Yen      0.13250 percent p.a.

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

The BSP also announced the level of availments of rediscounting loans for the period 01 January to 28 February 2011.  Under the Peso Rediscount Facility, total availments of commercial, thrift and rural banks amounted to P4,046 million, 88.3 percent lower than the P34,456 million total in the same period last year. Out of the P4,046 million availments, 74.7 percent went to commercial credits, 9.0 percent to agricultural and industrial credits, and 16.3 percent to other credits consisting of CAPEX (6.0 percent), other services (4.8 percent), permanent working capital (3.5 percent), housing (1.9 percent) and microfinance (0.1 percent).

Under the EDYRF, aggregate dollar availments of four commercial banks for the period 01 January to 28 February 2011 amounted to US$25.6 million benefiting eleven exporters. A total of US$27.1 million was granted for the period January to February 2010, or a 5.5 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 January to February 2011.

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