https://www.bsp.gov.ph/SitePages/MediaAndResearch/MediaDisp.aspx?ItemId=6111
The Bangko Sentral ng Pilipinas (BSP) updates the public that the applicable rediscount1 rate on loans under the Peso Rediscount Facility (PRF) remains at 2.50 percent, regardless of maturity (i.e., 1 to 180 days). Meanwhile, rediscount rates on loans under the Exporters' Dollar and Yen Rediscount Facility (EDYRF) are set at 2.20913 percent for United States Dollar (USD) and 1.92400 percent for Japanese Yen, regardless of maturity (i.e., 1 to 360 days), effective 10 January 2022.
For the period 01 January to 31 December 2021, total availments2 of banks against their RLs3 remain unchanged at P6.12 million for loans under the PRF. These availments represent the rediscount of Production Credits that financed industrial processing (65.35 percent); and Other Credits that funded capital asset expenditures (24.81 percent) and permanent working capital (9.84 percent).4 On the other hand, there was no loan availment under the EDYRF for the period 01 January to 31 December 2021.5
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1 Rediscounting is one of the credit facilities offered by the BSP. This facility is extended to qualified banks with active rediscounting lines (RLs) to meet their temporary liquidity needs by refinancing the loans they extend to their clients using the eligible papers of their end-user borrowers. These eligible papers include credit instruments such as promissory notes, drafts or bills of exchange of the following nature: a) Commercial Credits - resulting from the importation, exportation, purchase, sale, local transportation or storage of non-perishable and insured goods or products in authorized bonded warehouses or in other places approved by the Monetary Board; b) Production Credits - used for production or processing of agricultural, animal, mineral, or industrial products; or c) Other Credits - special credit instruments such as but not limited to microfinance, housing loans, services, agricultural loans with long gestation period, and medium and long-term loans.
2 Rediscounting availments are classified by type of underlying credit (i.e., Commercial, Production and Other Credits) based on the eligible papers offered by banks as collateral. The BSP does not allocate credits to specific sectors or engage in development banking or financing in accordance with Section 128 of Republic Act (R.A.) No. 7653, otherwise known as "The New Central Bank Act", as amended by R.A. No. 11211.
3 As of 30 November 2021, thirteen (13) universal/commercial banks, six (6) thrift banks and eighteen (18) rural/cooperative banks have approved RLs with the BSP totaling P346,199.95 million.
4 Percentages reflected represent the proportion of specified types of credit to total peso rediscounting loan availments for the period 01 January to 31 December 2021.
5 The last availment under the EDYRF in 2016 was a USD rediscounting loan.
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Central Bank of the Philippines published this content on 06 January 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 07 January 2022 01:57:02 UTC.
