AMENDMENTS TO THE GUIDELINES ON THE BSP REDISCOUNTING FACILITY
February 2009, the provisions of Subsections (§) X 268.3, X 269.2, X
269.4 and X 269.6 of the Manual of Regulations for Banks, covering the
guidelines on the Bangko Sentral ng Pilipinas (BSP) Rediscounting
Facility are hereby amended as follows:
x x x
§ X 268.3 Approval/Renewal of the Line. The approval/renewal of the
Line shall be subject to the bank’s full compliance with the following
requirements:x x x
d. NPL ratio lower or equal to the industry average adjusted upward
by ten percent based on the latest available report of the SDC, or the
allowable NPL ratio approved by the MB;x x x
Banks with approved rediscounting line shall, thereafter, submit the following:
x x x
b. Item b is deleted
x x x
§ X269.2 Eligible Papers and Collaterals. The BSP shall accept
credit instruments covering all economic activities except the
following:x x x
The following paragraph is hereby added after Item a.(2) and immediately before Item b to read as follows:
The outstanding National Food Authority papers that a bank can
rediscount shall not exceed the rediscounting bank’s single borrower’s
limit (25% of its net worth) or P3 billion, whichever is lower.x x x
§ X 269.4 Loan Value – The loan value of all eligible papers shall
be 90% of the outstanding balance of the borrower’s credit instrument
but not higher than 70% of the appraised value of the underlying
collateral.x x x
§ X269.6 Rediscount/Lending Rates and Liquidated Damages. The
rediscount rates for peso, dollar and yen loans shall be as follows:
a. Peso Rediscounts Based on the applicable BSP overnight reverse repurchase (RRP) rates less 50 basis points x x x
Effectivity. This Circular shall take effect on 02 March 2009.
Adopted: 2 March 2009
FOR THE MONETARY BOARD:
(SGD.) AMANDO M. TETANGCO, JR.
Governor