BSP CIRCULAR NO. 199

: The Exporters Dollar Facility (EDF) is renamed as the Exporters Dollar and Yen Rediscount Facility (EDYRF).
: Qualified banks may avail themselves of the EDYRF against the eligible dollar-denominated or Yen-denominated loans of their exporter-borrowers.
: The interest shall be based on the prevailing three-month LIBID rate on Yen, reviewed and set every three months, with the bank's spread not exceeding 2 percent per annum after applicable taxes on foreign exchange loans.
: The proceeds shall be released in Yen and repaid in Yen.
: The L/C, P/O, or S/C must stipulate that the payment to the exporter shall be made in Yen.
: All other terms and conditions of the Exporters Dollar Facility under BSP Circular No. 68, as amended, shall apply to the EDYRF.
: The Circular took effect immediately upon adoption on April 27, 1999.
: The bank's spread shall not exceed 2 percent per annum after applicable taxes.
: Banks may avail themselves of the facility pursuant to the terms set by BSP Circular No. 199 and according to the eligibility of their exporter-borrowers' foreign currency loans, specifically in dollars or Yen.