Loans at BSP peso rediscount facility declines 44.1%

0

Loans under the peso rediscount facility of the Bangko Sentral ng Pilipinas (BSP) posted a 44.1-percent decrement as total availments of commercial, rural and thrift banks dropped to P16,409 million for the period of January to end-August 2013.

In a statement on Tuesday, the BSP said that the figure was lower compared to the P29,349 million total in the same period last year.

The central bank added that of the availments for the month, 81.7 percent went to commercial credits, 3 percent to agricultural and industrial credits, and 15.3 percent to other credits consisting of capital expenditure (7.7 percent), other services (6.9 percent), permanent working capital (0.6 percent), and housing (0.1 percent).

Furthermore, the BSP has rediscounted its rates on loans applicable on availments by banking institutions for September 2013.


For loans under peso rediscount facility, rates have been set at 3.50 per annum (p.a.) for all maturities effective October 29, 2012, in line with the Monetary Board (MB) policy decision to reduce policy rates during its October 25, 2012 meeting.

“The MB decided to maintain the same during its last policy meeting on 25 July 2013,” the BSP stated.

Peso rediscount rate is based on the applicable BSP overnight reverse repurchase rate per Circular 679 dated February 1, 2010.

On the other hand, for loans under the Exporters Dollar and Yen Rediscount Facility (EDYRF), the rates for September are as follows: US dollar 0.18206 percent p.a. and yen 0.11643 percent p.a.

The central bank data added that the EDYRF rediscount rates are based on the respective London Inter-Bank Offered Rate (Libor) as of August 30, 2013.

Under the EDYRF, aggregate dollar availments of seven commercial banks and a thrift bank for the period of January 1 to August 31, 2013 amounted to $87.9 million and benefited 30 exporters.

“This represents a 28.6-percent decrease in availments compared to the $123.1-million grants for the same period last year,” it stated.

In addition, there was no Yen-denominated availment under the EDYRF for the period January 1 to August 31, 2013. MAYVELIN U. CARABALLO

Share.
.
Loading...

Please follow our commenting guidelines.

Comments are closed.