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

08.13.2019

The applicable rates for the Peso Rediscount Facility effective 13 August 2019 up to the next policy rates revision, and the Exporters Dollar and Yen Rediscount Facility (EDYRF) for the month of August 2019 are as follows:

a.    Peso Rediscount Facility Rates

Loan Maturity

Rate (%)

1-90 days

4.81250

91-180 days

4.87500


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

4.25550

1.92867

91-180 days

4.31800

1.99117

181-360 days

4.38050

2.05367





    


The rates for the EDYRF are based on 90-day London Inter-Bank Offered Rate (LIBOR) as of 31 July 2019 plus 200 basis points plus term premia.
Under the Peso Rediscount1 Facility, total availments2 covering the period of 01 January 2019 to 31 July 2019 amounted to ₱116,574 million, representing borrowings against banks’ credits on transactions related to Commercial, Production and Other Credits. Other Credits, which comprise 64.93 percent of total rediscounting loans, pertain to bank loans for Capital Asset Expenditures (40.27 percent), Loans to Other Services (20.56 percent), Permanent Working Capital (4.05 percent) and Housing Loans (0.05 percent). Commercial Credits at 35.06 percent of total rediscounting loans pertain to bank loans for Importation (24.66 percent) and Trading (10.39 percent) of goods or products. Meanwhile, Production Credits at 0.01 percent of total rediscounting loans pertain to bank loans for Agricultural Production.

There was no availment under the EDYRF for the period ending 31 July 2019.

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1Rediscounting 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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