Bangko Sentral rediscounting loans up 14.4% to P4.63B in 1st two mos.

Philippine banks took out 14.4 percent more rediscounting loans in the first two months of 2012, the Bangko Sentral ng Pilipinas said Monday.   Loans under the central bank's Peso Rediscount facility totaled P4.63 billion in January to February, up P584 million from P4.046 billion a year earlier.   Rediscounting loans are a standing credit facility from the BSP to help banks meet temporary liquidity needs by refinancing the loans to clients.   Loans under the Exporters' Dollar and Yen Rediscounting Facility (EDYRF) fell 22.3 percent to $19.9 million in January to February from $25.6 million in the same 2011 period, the central bank reported.   The Bangko Sentral noted there was no loan taken under the Yen Facility during the period.   Starting March 5, the BSP pegged its peso rediscount rate at 4 percent a year for all maturities.   US dollar rediscounting loans carry a 0.24350-percent yearly interest and the yen facility charges 0.14429 percent in yearly interest. — VS, GMA News