The BSP announced today the rediscount rates applicable on loan availments by banking institutions for June 2013.
For loans under the Peso Rediscount Facility, the BSP Peso Rediscount Rate is 3.50 percent p.a. for all maturities. This has been in effect since 29 October 2012 in line with the Monetary Board (M.B.) policy decision to reduce policy rates at its 25 October 2012 meeting. The M.B. decided to maintain the same during its last policy meeting on 25 April 2013. 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 June are as follows:
Dollar 0.19428 percent p.a.
Yen 0.12014 percent p.a.
The EDYRF rediscount rates are based on the respective London Inter-Bank Offered Rate (LIBOR) as of 31 May 2013.
Under the Peso Rediscount Facility, total availments of commercial, thrift and rural banks amounted to P14,624 million for the period 01 January to 31 May 2013, 11.9 percent lower than the P16,605 million total in the same period last year. Of the availments for the month, 86.6 percent went to commercial credits, 2.1 percent to agricultural and industrial credits, and 11.3 percent to other credits consisting of other services (6.6 percent), CAPEX (4.2 percent), permanent working capital (0.4 percent), and housing (0.1 percent).
Under the EDYRF, aggregate dollar availments of seven commercial banks and a thrift bank for the period 01 January to 31 May 2013 amounted to US$61.5 million and benefitted 26 exporters. This represents a 6.8 percent decrease in availments compared to the US$66.0 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 31 May 2013.