Banks continue to tap the Bangko Sentral ng Pilipinas’ (BSP) rediscounting facilities to borrow funds for relending.
Data released by the central bank Wednesday showed that total availment under the Peso rediscount facility reached P10.99 million from January 1 to March 31, 2013, up from the P8.99 million same period in 2012.
Bulk or 88.2 percent of the funds, which were extended to commercial, thrift and rural banks, was lent to commercial credits while 10.4 percent to other credits like capital expenditures, other services, and permanent working capital and 1.4 percent went to agricultural and industrial credits.
To date, rate of this facility is at 3.5 percent for all maturities and is based on the central bank’s overnight reverse repurchase (RRP) or overnight borrowing rate.
Similarly, availment on the central bank’s exporters dollar and yen rediscount facility (EDYRF) rose by 38.4 percent to US$ 46.1 million, specifically for dollar rediscounting, from year-ago’s US$ 33.3 million.
The fund benefitted 20 exporters, the central bank said. However, there was no takers for yen rediscounting facility during the same period.
Rate of the EDYRF facility is at 0.20370 percent per annum for the dollar and 0.12429 percent per annum for the yen. These are based on the respective London Inter-Bank Offered Rate (LIBOR) as of March 28, 2013.