In a statement, the BSP said the rediscounting facility would be replaced by the Discount Window Facility (DWF), which will begin operations when BSP Circular 1202 dated Sept. 24 takes effect in November.
"Currently, BSP only rediscounts loans, accepting government securities as additional collateral. Under the DWF, banks will be able to directly offer GS and BSP securities in exchange for advances," the central bank said.
"This gives the BSP an additional mode to influence credit volume consistent with its objectives of maintaining price and financial stability," it said.
Rediscounting is one of the credit facilities offered by the BSP to qualified banks with active rediscounting lines to meet their temporary liquidity needs by refinancing the loans they extend to their clients using the eligible papers of their end-user borrowers.
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