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BSP Rediscount Rates for December

12.13.2005

The BSP announced today the rediscount rates applicable on loan availments by banking institutions for the month of December 2005.

For loans under the Peso Rediscount Facility, the rates are as follows:

Loan Maturity
28 November to
2 December 2005  
5 to 9
December 2005   
12 to 16
December 2005*
90 days or less 
5.221 percent 
5.146 percent   
5.146 percent   
91-180 days 
7.530 percent   
7.206 percent   
7.206 percent   
181-360 days   
8.594 percent   
7.969 percent   
7.969 percent   

*No auction conducted

In line with the implementation of the market-based pricing mechanism on rediscounting credits as scheduled under Circular 411 dated 29 October 2003, the weekly peso rediscount rates are based on the rates for Treasury Bills  with the corresponding maturities during the last auction.

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

Dollar (USD) Rediscount  Facility Rate           -               4.16875 percent p.a.  

Yen (JPY) Rediscount Facility  Rate               -                 0.031255 percent  p.a.  

The EDYRF are based on the applicable London Interbank Bid (LIBID) rate.  The present USD and JPY rates are higher by 0.20375 percent and 0.00063 percent as compared to the November 2005 rates of 3.965 percent and 0.030625 percent, respectively.

The BSP also announced the level of availments of rediscounting loans for the period January-November 2005. Under the Peso Rediscount Facility, total availments of commercial, thrift and rural banks amounted to P22.764 billion, of which 52.0 percent went to export/import  financing,  7.1 percent to agricultural credits, 39.0 percent to commercial and industrial credits, 0.1 percent to microfinance and 1.8 percent to housing. 

Since the commencement of the Export Dollar Facility in 1995, aggregate availments of twenty-nine commercial banks amounted to US$1.967 billion, $0.116 billion of which pertained to January to November 2005, benefiting 547 export borrowers.  On the other hand, four commercial banks had total availments of Y1.941 billion under the Yen facility opened in June 1999.  Y0.031 billion was availed of in the period January to November 2005.

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