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BSP Rediscount Rates for April

04.12.2006

The BSP announced today the rediscount rates applicable on loan availments by banking institutions for the month of April 2006.

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

Loan Maturity 

3 to 7 April 2006 

10 to 12 April 2006

90 days or less

4.978 percent 

4.993 percent

91-180 days 

5.935 percent 

5.741 percent

181-360 days 

6.750 percent 

6.490 percent

In line with the implementation of the market-based pricing mechanism on rediscounting credits as scheduled under Circular 411 dated 29 October 2003, as amended by Circular No. 515 dated 6 March 2006, 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:

 

LIBID
 3 to 12 April 2006 

LIBOR
17 to 30 April 2006

Dollar

4.70438 percent 

4.82938 percent

Yen

0.063125 percent 

 0.07875 percent

In line with the implementation of Circular No. 515, the rediscount rates for the Dollar and Yen Facility, which are currently based on their respective London Inter-Bank Bid Rate (LIBID), have been aligned with market rates.  Thus, the rediscount rates will be adjusted based on their respective London Inter-Bank Offered Rate (LIBOR) for the last working day of the immediately preceding month, effective 17 April 2006.

The BSP also announced the level of availments of rediscounting loans as of 31 March 2006.  Under the Peso Rediscount Facility, total availments of commercial, thrift and rural banks amounted to P9.551 billion, of which  53.8  percent went to export/import financing, 6.2 percent to agricultural credits, 36.6 percent to commercial and industrial credits, 0.1 percent to microfinance, 3.0 percent to housing and 0.3 percent to other credits/services.   

Since the start of the Export Dollar Facility in 1995, aggregate availments of 29 commercial banks amounted to US$2.028 billion,  benefiting 550 export borrowers.  For the period January to March 2006, availments totaled $0.30 billion.  On the other hand, four commercial banks had total availments of Y1.947 billion under the Yen facility which opened in June 1999.  Y0.2 billion was availed of for the period January to March 2006.

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