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BSP Rediscount Rates for July 2014 and Availments as of June 2014

07.10.2014

The BSP announced today the rediscount rates applicable on loan availments by banking institutions for July 2014 and availments as of June 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 I1

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 July are as follows:

Loan Maturity

Rate (%) 

 

Dollar

Yen

1-90 days

2.2307

2.13286

91-180 days

2.2932

2.19536

181-360 days

2.3557

2.25786


  
The EDYRF rates are based on the respective 90-day London Inter-Bank Offered Rate (LIBOR) as of 30 June 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 P735 million for the period 01 January to 30 June 2014, 95.2 percent lower than the P15,468 million total in the same period last year. Of the availments for the period, 82.1 percent went to commercial credits, 3.6 percent to agricultural and industrial credits, and 14.3 percent to other credits consisting of permanent working capital (5.8 percent), other services (4.8 percent), CAPEX (2.3 percent), and housing (1.4 percent).

Under the EDYRF, aggregate dollar availments of a universal bank and a thrift bank for the period 01 January to 30 June 2014 amounted to US$4.8 million and benefitted two exporters. This represents a 93.7 percent decrease in availments compared to the US$75.6 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 January to 30 June 2014.

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1 Rediscounting Window I
2 Rediscounting Window II

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