Loans in peso rediscount facility dip by 61.4%

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Loans under the peso rediscount facility of the Bangko Sentral ng Pilipinas (BSP) posted a 61.4-percent decline for the 2013.

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Data from the BSP showed that total availments of commercial, rural and thrift banks amounted to P17.956 million for the period. It was lower compared to the P46.50-million total availments compared to 2012.

The central bank added that of the availments for the period, 81.8 percent went to commercial credits, 3.2 percent to agricultural and industrial credits and 15 percent to other credits consisting of capital expenditure (7.6 percent), other services (6.5 percent), permanent working capital (0.8 percent) and housing (0.1 percent).

Furthermore, the BSP has rediscounted its rates on loans applicable on availments by banking institutions for January 2014.

For loans under the peso rediscount facility, the rediscount rates effective November 15, 2013, up to the next policy rates revision for Rediscounting Window I (RW I) were 5.62 percent for 30 days maturity, 5.68 percent for 90 days maturity, 5.75 percent for 180 days maturity.

For Rediscounting Window II (RW II), the rates were set at 3.5 percent for 30 days and 90 days maturity, 3.56 percent for 180 days maturity and 3.62 percent for 369 days maturity.

“The peso rediscount rates for RW I and RW II are based on the applicable BSP one-month repurchase rate and overnight reverse repurchase rate, respectively, plus term premia for longer maturities per Circular 806 dated 15 August 2013,” it stated.

For loans under the exporters dollar and yen rediscount facility (EDYRF), the rates for US dollar are 2.24 percent for one to 90 days, 2.3 percent for 91 to 180 days and 2.37 percent for 181 to 360 days.

For yen, the rates were 2.14 percent for one 90 days, 2.21 percent for 91 to 180 days and 2.27 percent for 181 to 360 days.

The central bank data added that the EDYRF rediscount rates are based on the respective 90-day London Inter-Bank Offered Rate as of December 31, 2013, plus 200 basis points plus term premia for longer maturities pursuant to Circular 807 dated August 15, 2013.

Under the EDYRF, aggregate dollar availments of seven commercial banks and a thrift bank from January to December 2013 amounted to $109.4 million and benefited 31 exporters.

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