Rediscount loan availment reaches P34.45 billion in January-February
MANILA, Philippines - The Bangko Sentral ng Pilipinas (BSP) reported yesterday that total availments of rediscounting loans reached P34.45 billion in the first two months due to higher demand for funds to finance expansion programs.
BSP officer-in-charge Diwa Guinigundo told reporters on the sidelines of its first Financial Education Expo in Cebu City yesterday that 54.8 percent of the total rediscounting loans availed of by commercial, thrift, and rural banks went to commercial credits while 42.3 percent went to other credits including services, capital expenditures, and permanent working capital.
Guinigundo said 2.9 percent of the total rediscounting loans availed of by banks went to agricultural and industrial credits.
Guinigundo explained that the availments under the Peso Rediscount Facility excluded the P9.0 million rediscounting loans granted to micro, small and medium enterprises (MSMEs) affected by tropical storm Ondoy and typhoon Pepeng last year.
He said the BSP’s Monetary Board approved an additional P 5-billion budget for rediscounting to cover for typhoon-affected MSMEs. The amount was on top of the rediscounting budget of P60 billion.
On the other hand, he said aggregate availments under the Export US dollar facility amounted to $27.1 million from January to February, with six commercial banks extending loans to 19 exporters.
He said there was no availment under the Export Yen Facility in the first two months of the year.
The BSP has pegged its peso rediscount rate at 4.0 percent per annum under its Peso Rediscount facility for all maturities effective Feb. 1. It has also pegged the rate for loans under the Exporters’ Dollar and Yen Rediscount Facility (EDYRF) at 0.22875 percent per annum for its dollar facility and 0.15688 percent per annum for its yen facility.
The EDYRF rediscount rates are based on the respective London Inter-Bank Offered Rate (LIBOR) for the last working day of February.
The Fin-Ed Expo sponsored by the BSP regional office and spearheaded by the Financial Consumer Affairs Group of the central bank’s Supervision and Examination Sector cover helpful tips on financial planning and in managing credit cards.
Guinigundo and BSP managing director Johnny Noe Raval led BSP officials in launching the expo with the theme “Financial Education: Building Block for a Stronger Economy.”
Ravalo said Cebu was chosen as the venue for the inaugural holding of the expo since its is considered as the “Gateway to the South.”
He said that BSP would hold more exhibits throughout the Philippines in line with the financial advocacy program of the BSP.
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