Loans in rediscount facility decline

0

Loans under the peso rediscount facility of the Bangko Sentral ng Pilipinas (BSP) posted a 54.3-percent decline for the January to end-October 2013 period.

Advertisements

Data from the BSP showed that total availments of commercial, rural and thrift banks amounted to P17.48 million for the period. It was lower compared to the P38.24-million total availments 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 (7.2 percent), other services (6.7 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 November 2013.

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

“This has been in effect since 29 October 2012 in line with the Monetary Board (MB) 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 24 October 2013,” it stated.

For loans under the exporters dollar and yen rediscount facility (EDYRF), the rates for November 1 to 14 are as follows: US dollar 0.16800 percent p.a.; and yen 0.10929 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 31, 2013.

Under the EDYRF, aggregate dollar availments of seven commercial banks and a thrift bank from January to October amounted to $106.7 million and benefited 30 exporters.

“This represents a 31.2-percent decrease in availments compared to the $155.1 million grants for the same period last year,” the BSP said, while there was no yen-denominated availment under the EDYRF for the period January 1 to October 31, 2013.

Share.
loading...
Loading...

Please follow our commenting guidelines.

Comments are closed.