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BSP Rediscount Rates for April 2011


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

For loans under the Peso Rediscount Facility, the BSP Peso Rediscount Rate is 4.25 percent p.a. for all maturities effective 28 March 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 April are as follows:

Dollar    0.24345 percent p.a.
Yen        0.15000 percent p.a.

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

The BSP also announced the level of availments of rediscounting loans for the period 01 January to 31 March 2011.  Under the Peso Rediscount Facility, total availments of commercial, thrift and rural banks amounted to P6,529 million, 83.8 percent lower than the P40,386 million total in the same period last year. Out of the P6,529 million availments, 70.9 percent went to commercial credits, 7.7 percent to agricultural and industrial credits, and 21.4 percent to other credits consisting of CAPEX (9.6 percent), other services (7.1 percent), permanent working capital (3.1 percent), housing (1.5 percent) and microfinance (0.1 percent).

Under the EDYRF, aggregate dollar availments of six commercial banks for the period 01 January to 31 March 2011 amounted to US$48.0 million benefiting 14 exporters. This represents a 38.7 percent increase in availments compared to the US$34.6 million grants for the same period last year.

On the other hand, there was no Yen-denominated availment under the EDYRF for the period 01 January to 31 March 2011.

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