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BSP Rediscount Rates Effective 20 March 2020

03.20.2020

The Monetary Board (MB), in its meeting dated 19 March 2020, decided to reduce the policy rate by 50 basis points and approved the temporary reduction in the term spread on Peso rediscounting loans relative to BSP’s overnight lending rate to zero. As such, the applicable rediscount rate for loans under the Peso Rediscount Facility has been set at 3.75 percent, regardless of loan maturity (i.e., 1- 180 days).

The said Peso rediscount rate shall be effective for a period of 60 days from 20 March 2020 or until 19 May 2020, subject to further extension as may be approved by the MB.

Meanwhile, the applicable rediscount rates for loans under the Exporters’ Dollar and Yen Rediscount Facility (EDYRF) for the month of March 2020, remain as follows:

Loan Maturity

Rate (%) 

 

Dollar

Yen

1-90 days

 4.40925

2.87050

91-180 days

5.35575

3.81700

181-360 days

7.24875

5.71000

The EDYRF rates are based on the 90-day London Inter-Bank Offered Rate plus a spread depending on the term of the loan.

 

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