Published May 4, 2021, 5:30 PM The Bangko Sentral ng Pilipinas (BSP) will still implement a reduced term spread on its rediscounting facility to zero until end-July this year, but the use of credit instruments granted a grace period under the Bayanihan law are no longer accepted. This means that the term spread on peso rediscounting loans relative to the BSP’s overnight lending rate will continue to be zero regardless of maturity, from 1-day to 180-days. The previous memo on the temporary, pandemic-related relief measures expired last April 30. In a new memo (Memorandum No. M-2021-030) signed by BSP Governor Benjamin E. Diokno on Monday, May 3, the Monetary Board also approved the reduction of the term spread on rediscounting loans under the Exporters’ Dollar and Yen Rediscount Facility (EDYRF), regardless of maturity of 1-day to 560-day.