Thrift banks Jan CB borrowings up 70%

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.