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Manila Bulletin devider Business devider No takers for BSP's rediscounting loans in Jan.

No takers for BSP's rediscounting loans in Jan.

Published Feb 7, 2022 02:01 pm

The Bangko Sentral ng Pilipinas (BSP) reported zero rediscounted loans for the month of January as banks have more than adequate liquidity to meet their requirements.

“There were no availments against the rediscounting lines of banks with the BSP under the PRF (Peso Rediscount Facility) and EDYRF (Exporters’ Dollar and Yen Rediscount Facility) for the period covering 01 to 31 January 2022,” said the BSP on Monday, Feb. 7.

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As of December 31, 2021, there are 12 big banks, seven thrift banks and 18 rural/cooperative banks that have approved rediscounting lines with the BSP amounting to P316.507 billion.

Rediscounting is a credit facility for qualified banks with active rediscounting lines with the central bank. Banks avail of rediscounting loans for their temporary liquidity needs by refinancing the loans they extend to their clients using the eligible papers of their end-user borrowers.

Last year, the BSP released only P6.12 million under the PRF. There were no takers of the EDYRF since 2016.

Since 2020, as part of COVID-19 relief measures to banks, the applicable rediscount rate has remained fixed at 2.50 percent regardless of maturity, or 1-day to 180 days. The rate for the EDYRF has also been set at 2.20913 percent for US dollar loans and 1.92400 percent for Japanese yen.

Before the BSP shifted to an interest rate corridor system in 2016, the rediscounting facility was a popular central bank toolkit for managing liquidity in the system. It is an alternative tool in reducing the policy rate.

The BSP in the past imposes a limit or a specific budget to the PRF. Since 2020, with the pandemic, the BSP removed the facility’s budget cap and adopted an “open regime” to make sure there is available liquidity for banks at all times.

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