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BSP Rediscount Rates for February 2012


The BSP announced today the rediscount rates applicable on loan availments by banking institutions for the month of February 2012.

For loans under the Peso Rediscount Facility, the BSP Peso Rediscount Rate is set at 4.25 percent p.a. for all maturities effective 24 January 2012, in line with the Monetary Board policy decision to reduce policy rates during its 19 January 2012 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 February are as follows:

Dollar - 0.26475 percent p.a.
Yen - 0.14429 percent p.a.

The EDYRF rediscount rates are based on the respective London Inter-Bank Offered Rate (LIBOR) as of 31 January 2012.

The BSP also announced the level of availments of rediscounting loans for the period 01 to 31 January 2012.  Under the Peso Rediscount Facility, total availments of commercial, thrift and rural banks amounted to P2,792 million, 208.8  percent higher than the P904 million total in the same period last year. Out of the P2,792 million availments, 86.4 percent went to commercial credits, 3.7 percent to agricultural and industrial credits, and 9.9 percent to other credits consisting of CAPEX (4.1 percent), other services (3.2 percent), permanent working capital (2.5 percent), and housing (0.1 percent).

Under the EDYRF, aggregate dollar availments of five commercial banks for the period 01 to 31 January 2012 amounted to US$5.6 million benefiting nine exporters. This represents a 44.0 percent decrease in availments compared to the US$10.0 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 to 31 January 2012.

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