Changes in the Exporters' Dollar and Yen Rediscount Facility (EDYRF)

Bangko Sentral ng PiliPinas

OFFICE OF THE GOVERNOR

CIRCULAR NO. 807 Series of 2013

Subject: Changes in the Exporters' Dollar and Yen Rediscount Facility (EDYRF)

for Banks (MORB), covering the guidelines on rediscounting with the Bangko Sentral ng Pilipinas are hereby amended as follows: provisions of the following Subsections of Section X269 of the Manual'of Regutations Pursuant to Monetary Board Resolution No. 1267 dated 1 August 2013, the

$269.2 Eligible papers and collaterals.

X X X

(After Iast paragraph under a. Commercial Credits)

material are also considered eligible papers for rediscounting under the Dollar-denominated trust receipts covering importation of goods and raw EDYRF.

X X x

(After last sentence of the first paragraph under c. Other Credits)

Dollar-term loans to finance capital expenditures (plant

banking units. expansion/modernization) by exporters are also considered eligible papers for rediscounting under the EDYRF provided they are booked in the regular

X X X

$269.6 Rediscounting rates/lending rates and liquidated damages. The rediscount rates for peso, dollar and yen loans shall be as follows:

X X X

b. Dollar/Yen Rediscounts

plus term premia for longer maturities as follows: Based on the 90-day London Inter-Bank Offered Rate (LIBOR) plus 200 bps

181-360 days 91-180 days 1-90 days Term 90-day LIBOR + 200 bps + 12.50 bps 90-day LIBOR + 200 bps + 6.25 bps 90-day LIBOR + 200 bps Premium

X X X

A. Mabini St., Malate 1004 Manila, Philippines * (632) 7087701 - www.bsp.gov.ph [email protected]

$269.8 Repayments/Remittance of Collections/Arrearages. The following shall govern repayments, remittance of collections, and arrearages:

a. Repayments --

X X X

(2) Dollar/Yen Rediscounts

X X X

If the foreign currency denominated loans are not settled on maturity date, the borrowing bank's DDA with the BSP shall be debited automatically for the peso equivalent of the matured obligation plus

time of the loan repayment shall not be lower than the FX rate at the time of loan availment and any FX loss arising from default or accrued interest due thereon. The foreign exchange (FX) rate at the

repayment shall be for the account of the borrower and not for the BSP.

X X X

Effectivity. This Circular shall take effect on 1 5 NOV 2013

FOR THE MONETARY BOARD:

0 NESTOR A. ES ENILLA.

Officer-In-Charge

{S August 2013

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