The Bangko Sentral ng Pilipinas (BSP) is reviewing the rate at which it lends short-term money to banks under a rediscounting facility, Governor Amando Tetangco Jr. said, a move he said signals the start of its exit strategy.

As of end-November, BSP's rediscounting loans have reached P165.35 billion.

The facility is open to commercial, thrift and rural banks however in the last months, the BSP has been reviewing rediscounting policy to spread the amount more to the smaller and medium-sized banks since the big banks are taking more than 60 percent of the budget.

In November, of total availments about 61.5 percent went to commercial credits, 3.2 percent to agricultural and industrial credits, and 35.3 percent to other credits consisting of other services including capital expenditures, permanent working capital, housing and microfinance.

Last October the BSP approved an additional budget of P5 billion for the smaller banks as part of relief package after typhoon "Ondoy."

''We are keeping the rediscounting budget at the moment but we are reviewing the rate,'' he added.

When asked if the move was the start of the central bank's exit strategy, Tetangco said: ''Yes. We start with liquidity (measures) before policy."