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BSP Rediscount Rates for August

08.09.2006

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

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

Loan Maturity 

31 July to 4 August 2006 

7 to 11 August 2006

90 days or less 

6.078 percent  p.a. 

5.447 percent  p.a.

91-180 days 

6.994 percent  p.a.

6.557 percent  p.a.

181-360 days 

7.815 percent  p.a.

7.503 percent  p.a.

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:

Dollar                  5.39063 percent  p.a.
Yen                      0.36125 percent  p.a.

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

The BSP also announced the level of availments of rediscounting loans as of 31 July 2006.  Under the Peso Rediscount Facility, total availments of commercial, thrift and rural banks amounted to P20.686 billion, of which  49.5  percent went to export/import financing, 7.0 percent to agricultural credits, 38.1 percent to commercial and industrial credits, 0.1 percent to microfinance, 5.1 percent to housing and 0.2 percent to other credits/services. 

Since the start of the Export Dollar Facility in 1995, aggregate availments of 29 commercial banks amounted to US$2.043 billion,  benefiting 556 export borrowers.  For the period January to July 2006, availments totaled $0.45 billion.  On the other hand, four commercial banks had total availments of Y1.953 billion under the Yen facility which opened in June 1999.  Y0.8 billion was availed of for the period January to July 2006.

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