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BSP Rediscount Rates for October 2011


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

For loans under the Peso Rediscount Facility, the BSP Peso Rediscount Rate remains at 4.50 percent p.a. for all maturities. This has been in effect since 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 October are as follows:

Dollar  0.23944 percent p.a.
Yen 0.14313 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 2011.

The BSP also announced the level of availments of rediscounting loans for the period 01 January to 30 September 2011.  Under the Peso Rediscount Facility, total availments of commercial, thrift and rural banks amounted to P20,123 million, 56.5  percent lower than the P46,277 million total in the same period last year. Out of the P20,123 million availments, 62.0 percent went to commercial credits, 6.9 percent to agricultural and industrial credits, and 31.1 percent to other credits consisting of CAPEX (18.8 percent), other services (8.9 percent), permanent working capital (2.5 percent), housing (0.8 percent) and microfinance (0.1 percent).

Under the EDYRF, aggregate dollar availments of 10 commercial banks for the period 01 January to 30 September 2011 amounted to US$171.6 million benefiting 30 exporters. This represents a 190.3 percent increase in availments compared to the US$59.1 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 30 September 2011.

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