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BSP Rediscount Rates for May 2012


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

For loans under the Peso Rediscount Facility, the BSP Peso Rediscount Rate is set at 4.0 percent p.a. for all maturities effective 5 March 2012, in line with the Monetary Board policy decision to reduce policy rates during its 1 March 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 May are as follows:

Dollar       0.23875 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 30 April 2012.

The BSP also announced the level of availments of rediscounting loans for the period 01 January to 30 April 2012.  Under the Peso Rediscount Facility, total availments of commercial, thrift and rural banks amounted to P12,028 million, 50.1  percent higher than the P8,014 million total in the same period last year. Out of the P12,028 million availments, 82.1 percent went to commercial credits, 3.9 percent to agricultural and industrial credits, and 14.0 percent to other credits consisting of CAPEX (7.1 percent), other services (4.2 percent), permanent working capital (2.5 percent), and housing (0.2 percent).

Under the EDYRF, aggregate dollar availments of ten commercial banks for the period 01 January to 30 April 2012 amounted to US$52.8 million benefiting 24 exporters. This represents an 18.8 percent decrease in availments compared to the US$65.0 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 January to 30 April 2012.

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