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BSP Rediscount Rates for March 2014 and Availments as of February 2014

03.10.2014

The BSP announced today the rediscount rates applicable on loan availments by banking institutions for March 2014 and availments as of February 2014.

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 I 1

RW II 2

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 March are as follows:

Loan Maturity

Rate (%)

Dollar

Yen

1-90 days

2.23565

2.14000

91-180 days

2.29815

2.20250

181-360 days

2.36065

2.26500


The EDYRF rates are based on the respective 90-day London Inter-Bank Offered Rate (LIBOR) as of 28 February 2014 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 thrift and rural banks amounted to P282 million for the period 01 January to 28 February 2014, 96.5 percent lower than the P8,102 million total in the same period last year. Of the availments for the period, 71.6 percent went to commercial credits, 2.9 percent to agricultural and industrial credits, and 25.5 percent to other credits consisting of permanent working capital (13.3 percent), other services (8.5 percent) and CAPEX (3.7 percent). There was no availment from commercial banks during the period.

Under the EDYRF, aggregate dollar availments of a thrift bank for the period 01 January to 28 February 2014 amounted to US$0.8 million and benefitted one exporter. This represents a 97.7 percent decrease in availments compared to the US$34.3 million grants for the same period last year. Similar to the Peso Rediscount Facility, there was likewise no availment from commercial banks from the EDYRF during the period.

On the other hand, there was no Yen-denominated availment under the EDYRF for the period 01 January to 28 February 2014.

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1 Rediscounting Window I
2 Rediscounting Window II

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