• Loans under BSP peso rediscount decline

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    Loans under the peso rediscount facility of the Bangko Sentral ng Pilipinas (BSP) posted a 37.1-percent decline in August this year.

    In a statement on Monday, the BSP said that under the peso rediscount facility, total availments of commercial, rural and thrift banks amounted to P15.9 billion for the period of January 1 to July 31, 2013. It was lower compared to the P25.3 billion total in the same period last year.

    The central bank added that of the availments for the month, 82.3 percent went to commercial credits, 2.8 percent to agricultural and industrial credits and 14.9 percent to other credits consisting of capital expenditure (7.5 percent), other services (6.7 percent), permanent working capital (0.6 percent) and housing (0.1 percent).

    The BSP has rediscounted its rates on loans applicable on availments by banking institutions for August 2013. For loans under peso rediscount facility, rates have been set at 3.5 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 said in a statement.

    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 May are as follows: US dollar 0.18673 percent p.a. and yen 0.11571 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 July 31, 2013.

    Under the EDYRF, aggregate dollar availments of seven commercial
    banks and a thrift bank for the period of January 1 to July 31, 2013, amounted to $84 million and benefited 29 exporters.

    “This represents a 24-percent decrease in availments compared to the $110.5-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 July 31, 2013.

    Mayvelin U. Caraballo

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