The central bank said the total availment of thrift and rural banks from the rediscounting window of the Bangko Sentral ng Pilipinas (BSP) totaled only P70 million in February. This was 75.2 percent lower than the P282 million worth of rediscounted receivables in the same period last year.
The peso-rediscounting window is designed as a quick-assist mechanism for banks with liquidity needs. This is done by allowing qualified banks to obtain loans or advances from the BSP using eligible papers of its borrowers as collateral.
The low volume of availment from the banks is indicative of an industry that has not much need for liquidity assistance. They have enough resources of their own to use in their operations.
Of the total availment during the period, 76.1 percent went to commercial credits, 2.2 percent went to working capital, while the housing sector had an increasing share of 13.5 percent.
Meanwhile, there were no dollar-denominated rediscounts during the period under the exporters dollar or yen rediscount window (EDYRF), in contrast to the $0.8 million granted in the same period last year.
There was also no yen-denominated rediscount under the EDYRF for the subject period in 2015.
Bianca Cuaresma