To encourage banks to maximize the utilization of the $500 million Exporters Dollar Facility (EDF)
CIRCULAR NO. 155 Series of 1998
Pursuant to Item No. 2 of Monetary Board Resolution No. 227 dated February 11, 1998, encouraging banks to maximize the utilization of the $500 million Exporters Dollar Facility (EDF) by increasing the allowable interest spread for availments under this program from 1% to 2%, Item No. 1 of Circular No. 68, dated April 12, 1995 is amended to read as follows:
1. The interest rate shall be based on the prevailing three-month LIBID, to be reviewed and set every three (3) months: Provided, that the bank's spread shall not exceed 2% p. a., after applicable taxes on foreign exchange loans.
This Circular shall take effect immediately.
For the Monetary Board:
GABRIEL C. SINGSON Governor
More in BSP Circulars
- Amendments to the Regulations on the UITF Marketing Personnel(BSP Circular No. 1103)
- To rationalize the reporting requirements for thrift banks, as well as to reduce the administrative burden in the preparation of reports(BSP Circular No. 50)
- Amendments to Regulations on the Open Foreign Exchange Position of Banks(BSP Circular No. 1120 (Updated copy))
- To approve the guidelines for managing large exposures and credit risk concentrations(BSP Circular No. 414)
- Amendment to the Capital Framework of Foreign Bank Branches(BSP Circular No. 822)
- Adopted the new Manual of Regulations for Non-Bank Financial Institutions ("New Manual") as a code of Bangko Sentral regulations for non-bank financial institutions(BSP Circular No. 204)
- Guidelines on the adoption in the Philippines of the risk-based capital adequacy framework pursuant the General Banking Law of 2000.(BSP Circular No. 280)
- Domestic borrowings of foreign firms(BSP Circular No. 1359)
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