Loans under the peso rediscount facility of the Bangko Sentral ng Pilipinas (BSP) posted a 99.2-percent decline for the whole month of January this year.
Data from the BSP showed that total availments of thrift and rural banks amounted to P36 million for the period. It was lower compared to the P4.320-billion total availments in the same period last year.
The central bank added that of the availments for the period, 27.6 percent went to commercial credits, 4.1 percent to agricultural and industrial credits, and 68.3 percent to other credits consisting of other services (66.1 percent) and permanent working capital (2.2 percent).
Meanwhile, the BSP has rediscounted its rates on loans applicable on availments by banking institutions for February 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, and 5.75 percent for 180 days maturity.
For rediscounting window II (RW II), the rates were set at 3.50 percent for 30 days maturity, 3.50 percent for 90 days maturity, 3.56 percent for 180 days maturity, and 3.62 percent for 369 days maturity.
For loans under the exporters dollar and yen rediscount facility (EDYRF), the rates for the US dollar are 2.23 percent for 1 to 90 days, 2.29 percent for 91 to 180 days, and 2.36 percent for 181 to 360 days.
For the yen, the rates are 2.14 percent for 1 to 90 days, 2.20 percent for 91 to 180 days, and 2.26 percent for 181 to 360 days.
Under the EDYRF, aggregate dollar availments a thrift bank from January 1 to 31 amounted to $200,000 and benefited one exporter.
“This represents a 99.1-percent decrease in availments compared to the $21.8-million grants for the same period last year,” the BSP said, while there was no yen-denominated availment under the EDYRF for the period.