The BSP announced today the rediscount rates applicable on loan availments by banking institutions for August 2013.
For loans under the Peso Rediscount Facility, the BSP Peso Rediscount Rate is 3.50 percent p.a. for all maturities. This has been in effect since 29 October 2012 in line with the Monetary Board (M.B.) policy decision to reduce policy rates at its 25 October 2012 meeting. The M.B. decided to maintain the same during its last policy meeting on 25 July 2013. The Peso Rediscount Rate is based on the applicable BSP overnight reverse repurchase rate per Circular No. 679 dated 01 February 2010.
Meanwhile, for loans under the Exporters Dollar and Yen Rediscount Facility (EDYRF), the rates for the month of August are as follows:
Dollar 0.18673 percent p.a.
Yen 0.11571 percent p.a.
The EDYRF rediscount rates are based on the respective London Inter-Bank Offered Rate (LIBOR) as of 31 July 2013.
Under the Peso Rediscount Facility, total availments of commercial, thrift and rural banks amounted to P15,908 million for the period 01 January to 31 July 2013, 37.1 percent lower than the P25,295 million total in the same period last year. Of the availments for the period, 82.3 percent went to commercial credits, 2.8 percent to agricultural and industrial credits, and 14.9 percent to other credits consisting of CAPEX (7.5 percent), other services (6.7 percent), permanent working capital (0.6 percent) and housing (0.1 percent).
Under the EDYRF, aggregate dollar availments of seven commercial banks and a thrift bank for the period 01 January to 31 July 2013 amounted to US$84.0 million and benefitted 29 exporters. This represents a 24.0 percent decrease in availments compared to the US$110.5 million grants for the same period last year.
On the other hand, there was no Yen-denominated availment under the EDYRF for the period 01 January to 31 July 2013.