The Philippines’ domestic economy has shown proofs of continued improvement and one of these proofs is the 67.1 percent year-on-year drop in the availment on central bank’s peso rediscount facility as of end-September 2010.
The Bangko Sentral ng Pilipinas (BSP) on Monday reported that availments on its peso rediscounting facility totaled to nearly P46.28 million.
This is far lower than the P140.54 million availed in the same period last year when path of the global economy is still in question.
Rate of the peso rediscounting is now at four percent, in effect since February 1, 2010 and is higher than the 3.5 percent during the recent global financial turmoil.
BSP’s peso rediscount facility is back to P20 billion after it was raised up to P60 million last year to ensure that liquidity needs of banks, particularly commercial, thrift, and rural banks would be addressed.
Bulk of the loans or 54.5 percent of it went to commercial credits; 40.3 percent to other credits specifically Other Services at 26.7 percent, capital expenditures, 8.5 percent; permanent working capital, 3.2 percent; housing, 1.9 percent; and microfinance at less than 0.1 percent; and 5.2 percent to agricultural and industrial credits.
The BSP said the total loan availments as of last month does not include the P9 billion extended to micro, small and medium enterprises (mSMEs) that was taken from the P5 billion allocated by the central bank for the sector after the country was hit by the twin-storm “Ondoy†and “Pepeng†in late September and early October 2009.
On the other hand, availment of seven commercial banks on central bank’s Exporters Dollar and Yen Rediscount Facility (EDYRF) totaled to US$ 59.1 million in the first nine months this year, 37.4 percent higher than year-ago’s US$ 43 million.
The BSP said these loans were tapped by 25 exporters.
“There was no Yen-denominated availment under the EDYRF for the period January to September 2010,†it pointed out. (PNA)
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