• Loans at BSP peso rediscount facility down 47.1 percent

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    Loans under the peso rediscount facility of the Bangko Sentral ng Pilipinas (BSP) posted a 47.1-percent decrement as total availments of commercial, rural and thrift banks amounted to P17.32 billion for the period of January to end-Septem- ber 2013.

    In a statement on Thursday, the BSP said that the figure was lower compared to the P32.76 billion total in the same period last year.

    The central bank added that of the availments for the period, 82.1 percent went to commercial credits, 3.2 percent to agricultural and industrial credits, and 14.7 percent to other credits consisting of capital expenditure (7.3 percent), other services (6.6 percent), permanent working capital (0.7 percent) and housing (0.1 percent).

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

    For loans under peso rediscount facility, rates have been set at 3.50 per annum (p.a.) for all maturities effective.

    “This has been in effect since 29 October 2012 in line with the Monetary Board policy decision to reduce policy rates at its 25 October 2012 meeting. The MB decided to maintain the same during its last policy meeting on 25 July 2013,” it stated.

    The 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 October are as follows: US dollar 0.17885 percent p.a. and yen 0.11500 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 September 30, 2013.

    Under the EDYRF, aggregate dollar availments of seven commercial banks and a thrift bank from January to September amounted to $95 million and benefited 30 exporters.

    “This represents a 29.2-percent decrease in availments compared to the $134.1-million grants for the same period last year,” it stated.

    Meanwhile, there was no yen-denominated availment under the EDYRF for the same period.

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