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On May 31, 2023, the U.S. Department of Treasury (Treasury) and the Internal Revenue Service (IRS) issued Notice 2023-44 (May 31 Notice) providing additional details for applicants. ....
MANILA - Banks took out lower peso-denominated rediscounting loans in the first nine months this year amounting to PHP6.12 million compared to the same period in 2020, the Bangko Sentral ng Pilipinas (BSP) reported. Data released by the central bank on Monday showed that end-September 2021 total availments under the Peso Rediscount Facility (RRF), which currently has a 2.5 percent rate, is way lower than the PHP26.9 billion year-ago. "These availments represent the rediscount of Production Credits that financed industrial processing (65.35 percent); and Other Credits that funded capital asset expenditures (24.81 percent) and permanent working capital (9.84 percent)," the BSP report said. However, there was no availment under the Exporters Dollar and Yen Rediscount Facility (EDYRF) during the same period, it said. BSP said the last time the EDYRF was tapped by banks was in 2016, through a US dollar-denominated rediscounting loan. Its rediscounting facilities aim to provide a b ....