DBP HEDGING PROGRAM FOR EXPORTERS OBJECTIVES: TO HELP EXPORTERS HEDGE THEIR US DOLLAR INFLOWS AGAINS T THE FLUCTUATIONS OF FX RATES
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1 DBP HEDGING PROGRAM FOR EXPORTERS OBJECTIVES: TO HELP EXPORTERS HEDGE THEIR US DOLLAR INFLOWS AGAINS T THE FLUCTUATIONS OF FX RATES
2 I. FOREIGN EXCHANGE INSURANCE PROTECTION II. FOREIGN EXCHANGE FORWARD RATE PROTECTION
3 ALLOWS THE EX PORTER THE RIGHT BUT NOT THE OBLIGATION TO SELL HIS US DOLLARS AGAINST PHILIPPINE PESOS TO DBP AT A SPECIFIED PRICE ON A SPECIFIED DATE TERM M INIM UM AM OUNT PROTECTION RATE INSURANCE FEE : 1 TO 3 M ONTHS : $1O,OOO.OO : BASED ON M ARK ET CONDITIONS : M ARK ET RATE
4 DBP EXPORTERS HEDGING PROGRAM EXAMPLE OF FOREIGN EXCHANGE INSURANCE PROTECTION On DAY 1, Exporter and DBP agree on the following: Protection Rate : USD/PHP USD/PHP Rate at Trade Date : USD/PHP Notional Amount : $ 10, Insurance Fee : To be determined (based on market conditions) * Assuming rate of option fee based on market conditions is : 0.80% Insurance fee in USD = 0.8% x Hedged Amount = 0.8% x $10,000 = $ 80 0R $ 0.8/ Dollar
5 DBP EXPORTERS HEDGING PROGRAM EXAMPLE OF FOREIGN EXCHANGE INSURANCE PROTECTION SCENARIO 1: Peso Depreciates from On MATURITY DATE: USD/PHP exchange rate : P Protection Rate : Exporter gains, he may sell his $10,000 at P to DBP Actual Gain = (Exchange( Rate at MATURITY) (Protection Rate (Insurance Fee in FX TERMS) = P P46.00 P 0.37 ($80 x = P 0.03 per dollar ($80 x P46.20)/$10,000
6 DBP EXPORTERS HEDGING PROGRAM EXAMPLE OF FOREIGN EXCHANGE INSURANCE PROTECTION SCENARIO 2: Peso Appreciates from On MATURITY DATE, USD/PHP exchange rate : P Protection Rate : P Exporter is covered at the protection rate, he sells his $10,000 at P46.00 to DBP OPPORTUNITY GAIN = Protection Rate - Exchange (at MATURITY DATE) Insurance fee (in FX TERMS) = P P45.00 P 0.37 = P 0.63 per dollar
7 FOREIGN EXCHANGE FORWARD RATE PROTECTION A foreign exchange contract where only the NET DIFFERENCE between the AGREED DOLLAR/ PESO FORWARD RATE and the M ARK ET RATE shall be settled on maturity date.
8 FOREIGN EXCHANGE FORWARD RATE PROTECTION TERM : 3O DAYS TO 12 M ONTHS M INIM UM AM OUNT : $1O,OOO NEEDS CREDIT APPROVAL FROM DBP OR HOLD OUT AGREEM ENT ON DEPOSIT WITH DBP,
9 DBP EXPORTERS HEDGING PROGRAM FOREIGN EXCHANGE FORWARD RATE PROTECTION PESO NET SETTLEMENT Peso Net Settlement Amount = Fixing Rate NDF Rate FIXING RATE is the USD/PHP RATE at Fixing Date (market rate) Fixing Date - One business day prior to Maturity Date Fixing Rate is obtained from the AM PDS weighted average rate on the REUTERS page PDSPESO1 Peso Net Settlement Amount will be paid on the maturity date of the NDF Contract
10 DBP EXPORTERS HEDGING PROGRAM FOREIGN EXCHANGE FORWARD RATE PROTECTION ON SETTLEMENT DATE If Fixing Rate > FX Forward Rate, then USD/PHP Rate (Fixing Rate) : P FX Forward Rate : P (computed in previous example) EXPORTER EX AM PLE: Exporter Pays P 0.28 x Hedged Amount to DBP DBP FX Forward Rate : P Hedged Amount : $1O,OOO Exchange Rate : P 46.5O Exporter Pays: (P46.5O - P46.22) x $1O,OOO = P0.28 x $ 10,000 = P 2,800.00
11 DBP EXPORTERS HEDGING PROGRAM FOREIGN EXCHANGE FORWARD RATE PROTECTION ON SETTLEMENT DATE If Fixing Rate < FX Forward Rate, then USD/PHP Rate (Fixing Rate) : P FX Forward Rate : P EXPORTER EX AM PLE: FX Forward Rate = P USD/PHP Rate = P 46.OO DBP Pays P 0.22 x Hedged Amount to Exporter Hedged Amount = $1O,OOO DBP DBP Pays: = ( P P46.OO) x $1O,OOO = P 2,200.00
12 Exporters Hedging Program Basic Requirements FX Insurance 2. Philippine Exporters Confederation s (PhilExport) Certification of Good Standing for non-dbp clients 2. Trade Documents LC/Confirmed PO 3. Application for Exporters Hedging Program 4. FX Insurance Confirmation 5. Risk Disclosure Statement
13 Exporters Hedging Program Basic Requirements FX Forward 1. 1.Philippine Exporters Confederation s (PhilExport) Certification of Good Standing for non-dbp clients 2. Trade Documents LC, Confirmed PO/s 3. Application for Exporter Hedging Program 4. Forward FX Rate Protection Contract 5. Forward FX Rate Protection Master Agreement 6. Risk Disclosure Statement 7. Credit approval / Hold Out Agreement on Deposit with DBP
14 DBP Exporters Hedging Program Specific Requirements: For Single Proprietorship 1. Corporate Information Sheet 2.Corporate Information Report 3.Unexpired DTI Registration 4.Valid IDs with picture and signature
15 DBP EXPORTERS HEDGING PROGRAM FOR PARTNERSHIP AND CORPORATIONS 1. Corporate Information Sheet 2. Corporate Information Report 3. Unexpired SEC registration, Articles of Incorporation and By-Laws 4. Board approval with Secretary s Certification authorizing the entity to engage in hedging transaction and their specimen signatures 5. Valid IDs of authorized signatories with picture and signature.
16 Please Contact: Senior Vice President Corazon D. Conde Head, SME Department Development Bank of the Philippines Tel. No (Direct Line) or local 3519 OR SAVP Dulce Ranosa Head, Project Evaluation Mgt. I, SMED local 2557 (Trunkline) (Direct Line)
17
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