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SMEC and KfW Applicable Interest Rate (PBSP) |
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MEMORANDUM:
T o : All Member Banks F r o m : Gen. William K. Hotchkiss III (Ret.) D a t e : 25 August 2005 Subject : Letter from PBSP Re SMEC & KfW Interest Rate We wish to inform you that the Philippine Business for Social Progress (PBSP) has issued recently the applicable interest rates under their SMEC and KfW Credit facilities as follows: A. Variable Rate The applicable interest rate for new loans during the month of August 2005 and all outstanding variable rate loans is 7.25%p.a. B. Fixed Rate (for KfW loans only) The applicable interest rate for new loans or loans converted from variable to fixed rate for the month of August 2005 is 7.25% p.a. and a premium based on the following terms:
Please note that the IFI shall have a one-time option to switch from variable to fixed rate or vice versa after a holding period of one year. For loans maturing within one (1) year, the interest rate shall be the prevailing interest rate on the date the loan was granted. Should there be any request for change in interest rate, this request should be received by PBSP at least ten (10) working days before its effectivity rate of which in no time shall be on a working day. |
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Financial Reporting Package 2008 |
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