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BSP Rediscount Rates for July 2019 and Availments as of June 2019

07.10.2019

The applicable rates for the Peso Rediscount Facility effective 14 May 2019 up to the next policy rates revision, and the Exporters Dollar and Yen Rediscount Facility (EDYRF) for the month of July 2019 are as follows:

a. Peso Rediscount Facility Rates

Loan Maturity 

Rate (%)

1-90 days

5.0625

91-180 days

5.1250

The Peso rediscount rates are based on the latest available BSP Overnight Lending Rate plus term premia.

b. EDYRF Rates

Loan Maturity 

Rate (%) 

 

Dollar

Yen

1-90 days 

4.31988 

1.93450

91-180 days

4.38238

1.99700

181-360 days

4.44488

2.05950


 
The rates for the EDYRF are based on 90-day London Inter-Bank Offered Rate (LIBOR) as of 28 June 2019 plus 200 basis points plus term premia.

Under the Peso Rediscount  Facility1, total availments2  covering the period of 01 January 2019 to 30 June 2019 amounted to ₱107,653 million, representing borrowings against banks’ credits on transactions related to Commercial, Production and Other Credits. Other Credits, which comprise 67.32 percent of total rediscounting loans, pertain to bank loans for Capital Asset Expenditures (43.60 percent), Loans to Other Services (19.37 percent), Permanent Working Capital (4.30 percent) and Housing Loans (0.05 percent). Commercial Credits at 32.66 percent of total rediscounting loans pertain to bank loans for Importation (24.42 percent) and Trading (8.24 percent) of goods or products. Meanwhile, Production Credits at 0.02 percent of total rediscounting loans pertain to bank loans for Agricultural Production.

There was no availment under the EDYRF for the period ending 30 June 2019.

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1 Rediscounting is a BSP credit facility extended to qualified banks with active rediscounting lines to meet  their temporary liquidity needs by refinancing the loans they extend to their clients using the eligible  papers of its end-user borrowers. These eligible papers include credit instruments such as promissory  notes, drafts or bills of exchange of the following nature: a) Commercial Credits - resulting from the   importation, exportation, purchase, sale, local transportation or storage of non-perishable and insured  goods or products in authorized bonded warehouses or in other places approved by the Monetary Board;  b) Production Credit - used for production or processing of agricultural, animal, mineral, or industrial  products; or c) Other Credits - special credit instruments such as but not limited to microfinance, housing  loans, services, agricultural loans with long gestation period, and medium and long-term loans.

2 Rediscounting availments are classified by type of underlying credit (i.e. Commercial, Production and  Other Credits) based on the eligible papers offered by banks as collateral. The BSP does not allocate credits  on specific sectors nor engage in development banking or financing in accordance with Section 128 of  Republic Act (R.A.) No. 7653 as amended by R.A. No.  11211, otherwise known as “The New Central Bank  Act”.

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