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Manila Bulletin devider Business devider Fixed rediscount term extended until Sept. 30

Fixed rediscount term extended until Sept. 30

Published Jul 12, 2020 10:00 pm

The Bangko Sentral ng Pilipinas (BSP) has approved to extend until September 30 the 2.75 percent term spread on peso rediscounting loans as part of continuing relief measures to banks.

This refers to the extension of the reduction of the term spread on peso rediscounting loans relative to the BSP’s overnight lending rate to zero regardless of maturity, from 1-day to 180-days.

“The (Monetary Board) decision on the BSP’s rediscount rates is still in line with its accommodative stance to further ease the cost of borrowing and ensure ample credit and liquidity in the financial system as the economy transi-tions toward recovery,” said the BSP.

The temporary reduction will be in place for an additional 75 calendar days or until September 30. The central bank said this should provide the needed liquidity to banks for maintaining price and financial stability while grappling against the COVID-19 pandemic.

The Monetary Board also lowered the spread on US Dollar and Japanese Yen rediscounting loans, effectively reducing the applicable rediscount rates to the 90-day London Interbank Offered Rate plus 200 basis points, regardless of maturity, or 1 to 360 days, until 30 September 2020.“

As such, the applicable BSP rediscount rate for loans under the peso rediscount facility remains at 2.75 percent, regardless of loan maturity (1-180 days), while rediscount rates for loans under the Exporters’ Dollar and Yen Rediscount Facility (or EDYRF) for the month of July 2020 have been set at 2.30788 percent for US Dollar and 1.95617 per-cent for Japanese Yen, regardless of loan maturity,” according to the BSP.

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