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(NAR) VOL. 20 NO.2 / APRIL - JUNE 2009
[ BSP CIRCULAR NO. 648, S. 2009, March 02, 2009 ]
AMENDMENTS TO THE GUIDELINES ON THE BSP REDISCOUNTING FACILITY
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