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BSP Rediscount Rates for September 2011

09.12.2011

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

For loans under the Peso Rediscount Facility, the BSP Peso Rediscount Rate is 4.50 percent p.a. for all maturities effective 09 May 2011, in line with the Monetary Board policy decision to raise policy rates during its 05 May 2011 meeting.  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 September are as follows:

Dollar  0.2215 percent p.a.
Yen 0.14344 percent p.a.

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

The BSP also announced the level of availments of rediscounting loans for the period 01 January to 31 August 2011.  Under the Peso Rediscount Facility, total availments of commercial, thrift and rural banks amounted to P16,108 million, 64.4% percent lower than the P45,259 million total in the same period last year. Out of the P16,108 million availments, 72.0 percent went to commercial credits, 7.3 percent to agricultural and industrial credits, and 20.7 percent to other credits consisting of CAPEX (8.7 percent), other services (8.4 percent), permanent working capital (2.5 percent), housing (1.0 percent) and microfinance (0.1 percent).

Under the EDYRF, aggregate dollar availments of nine commercial banks for the period 01 January to 31 August 2011 amounted to US$155.9 million benefiting 27 exporters. This represents a 167.9 percent increase in availments compared to the US$58.2 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 August 2011.

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