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BSP Rediscount Rates for December 2013 and Availments as of November 2013

12.10.2013

The BSP announced today the rediscount rates applicable on loan availments by banking institutions for December 2013 and availments as of November 2013.

For loans under the Peso Rediscount Facility, the rediscount rates effective 15 November 2013 up to the next policy rates revision are as follows:  

Loan Maturity 

Rate (%)

  

RW I1

RW II2

30 days

5.6250 

3.5000

90 days 

5.6875 

3.5000

180 days 

5.7500 

3.5625

360 days 

n/a

3.6250

The Peso rediscount rates for RW I and RW II are based on the applicable BSP one-month repurchase rate and overnight reverse repurchase rate, respectively, plus term premia for longer maturities per Circular No. 806 dated 15 August 2013.

Meanwhile, for loans under the Exporters Dollar and Yen Rediscount Facility (EDYRF), the rates for the month of December are as follows: 

Loan

Maturity Rate (%)

 

Dollar

Yen

1-90 days 

2.23910 

2.14357

91-180 days 

2.30160 

2.20607

181-360 days 

2.36410 

2.26857

The EDYRF rediscount rates are based on the respective 90-day London Inter-Bank Offered Rate as of 29 November 2013 plus 200 basis points plus term premia for longer maturities pursuant to Circular No. 807 dated 15 August 2013. 

Under the Peso Rediscount Facility, total availments of commercial, thrift and rural banks amounted to P17,735 million for the period 01 January to 30 November 2013, 59.5 percent lower than the P43,740 million total in the same period last year. Of the availments for the period, 82.0 percent went to commercial credits, 3.2 percent to agricultural and industrial credits, and 14.8 percent to other credits consisting of CAPEX (7.5 percent), other services (6.5 percent), permanent working capital (0.7 percent) and housing (0.1 percent).

Under the EDYRF, aggregate dollar availments of eight commercial banks and a thrift bank for the period 01 January to 30 November 2013 amounted to US$109.4 million and benefitted 31 exporters. This represents a 35.3 percent decrease in availments compared to the US$169.1 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 November 2013.

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1 Rediscounting Window I
2 Rediscounting Window II

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