The Monetary Board has raised the interest rate on the Bangko Sentral ng Pilipinas’ (BSP) overnight reverse repurchase facility by 25 basis points to 6.25 percent. The interest rates on the overnight deposit and lending facilities were correspondingly raised to 5.75 percent and 6.75 percent, respectively, to take effect on March 27 (Monday).
Peso Rediscount Facility
Applying the new overnight lending rate, the applicable rates of the BSP’s Peso Rediscount Facility, effective 27 March 2023 are as follows:
Exporters’ Dollar and Yen Rediscount Facility
Meanwhile, the Exporters’ Dollar and Yen Rediscount Facility rediscount rates remain the same:
The Peso rediscount rates are based on the BSP Overnight Lending Rate, while the United States Dollar and Japanese Yen rediscount rates are based on the applicable benchmark rates. The applicable spread, as may be determined by the BSP, may change periodically, to complement the changes in the BSP’s monetary policy goals and reflect movements in market interest rates.