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BSP Rediscount Rates for December 2014 and Availments as of November 2014

12.10.2014

The BSP announced today the applicable Peso Rediscount Facility and Exporters Dollar and Yen Rediscount Facility (EDYRF) rates for the month of December 2014 and loan availments as of end November 2014.

The Peso Rediscount Facility rates for Rediscounting Windows (RWs) I and II for December 2014 are as follows: 

Loan Maturity

Rate (%)

RW I

RW II

30 days

6.1250

4.0000

90 days

6.1875

4.0000

180 days

6.2500

4.0625

360 days

n/a

4.1250

The Peso rediscount rates for RW I and RW II are effective starting 15 September 2014 up to the next policy rates revision and 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.

The following are the rates for the month of December for loans under the EDYRF:

Loan Maturity

Rate (%) 

Dollar

Yen

1-90 days

2.23360

2.10643

91-180 days

2.29610

2.16893

181-360 days

2.35860

2.23143

The EDYRF rates are based on the respective 90-day London Inter-Bank Offered Rate (LIBOR) as of 28 November 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, the total availments of thrift and rural banks amounted to P1,227 million for the period 01 January to 30 November 2014, which is 93.1 percent lower than the P17,735 million total in the same period last year. Out of the aggregate availments for the period, 79.5 percent went to commercial credits; 5.6 percent to agricultural and industrial credits; and 14.9 percent to other credits consisting of permanent working capital (4.9 percent), CAPEX (4.7 percent), other services (4.2 percent), and housing (1.1 percent).

Under the EDYRF, aggregate dollar availments of a universal bank and a thrift bank for the period 01 January to 30 November 2014 amounted to US$9.2 million and benefitted three exporters. This represents a 91.6 percent decrease in availments compared to the US$109.4 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 2014.

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