The BSP announced today the rediscount rates applicable on loan availments by banking institutions for February 2013.
For loans under the Peso Rediscount Facility, the BSP Peso Rediscount Rate is set at 3.50 percent p.a. for all maturities effective 29 October 2012, in line with the Monetary Board policy decision to reduce policy rates during its 25 October 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 Febuary are as follows:
Dollar 0.19970 percent p.a.
Yen 0.12943 percent p.a.
The EDYRF rediscount rates are based on the respective London Inter-Bank Offered Rate (LIBOR) as of 31 January 2013.
Under the Peso Rediscount Facility, total availments of commercial, thrift and rural banks amounted to P4,320 million for the period 01 to 31 January 2013, 54.7 percent higher than the P2,792 million total in the same period last year. Of the availments for the month, 81.4 percent went to commercial credits, 1.6 percent to agricultural and industrial credits, and 17.0 percent to other credits consisting of CAPEX (11.9 percent), other services (4.9 percent), and permanent working capital (0.2 percent).
Under the EDYRF, aggregate dollar availments of seven commercial banks for the period 01 to 31 January 2013 amounted to US$21.8 million and benefitted 14 exporters. This represents a 289.3 percent increase in availments compared to the US$5.6 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 to 31 January 2013.