• Thrift banks Jan CB borrowings up 70%

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    Total loans availed of by thrift and rural banks under the peso rediscount facility of the central bank climbed by about 70 percent in January to P61 from P36 million a year earlier, data released Tuesday by the Bangko Sentral ng Pilipinas (BSP) showed.

    The rediscounting facility allows qualified banks to borrow from the central bank using their eligible borrowers’ papers as collateral. The facility helps banks meet their short-term liquidity needs.

    Meanwhile, the BSP said there was no dollar availment under the exporters’ dollar and yen rediscount facility.

    Of the peso rediscount loans availed, 84.3 percent went to commercial credits, and the remaining 15.7 percent went to other credits such as housing (13.2 percent) and permanent working capital (2.5 percent).

    Last year, total loans availed under the facility dropped by 92.5 percent from a year ago level. Loans fell to P1.34 billion in full-year 2014 compared to P17.96 billion in 2013.

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