Banks continue to tap the central bank’s peso rediscounting facility as availment expanded by 69.9 percent year-on-year in 2012.
Data released by the Bangko Sentral ng Pilipinas show that commercial, thrift and rural banks’ took a total of P46.504 million loan from the facility from January to December last year.
This is higher than P27.372 million same period in 2011.
Of the total, 78.8 percent of the fund was extended for commercial credits, 18.5 percent to other credits like other services, capital expenditures and housing while the balance of 2.7 percent was extended to agricultural and industrial sector.
On the other hand, dollar availment on the central bank’s exporters dollar and yen rediscount facility contracted by 16.6 percent to $172.5 million over year-ago’s $206.9 million.
The central bank said 10 commercial banks availed of the facility and the funds were extended to 38 exporters. There was, on the other hand, no availment on the yen-denominated facility.
To date, interest rate on the peso rediscount facility is at 3.5 percent while it is 0.20870 per annum for the dollar facility and 0.13086 for the yen facility. *PNA