The BSP announced today the Peso Rediscount and Exporters Dollar and Yen Rediscount Facility (EDYRF) rates applicable on loan availments by banking institutions for the month of January 2004: 5.532% p.a. for Peso Rediscount, which remained the same as of last month; 0.995% p.a. for US Dollar (USD) and 0.03190% p.a. for Japanese Yen (JPY). The present USD and JPY rates are higher by 0.00125% and 0.003775%, as compared to the December 2003 rates of 0.99375% and 0.028125%, respectively.
The Peso Rediscount rate remained at 5.532%, which is one percentage point below the average 91-day Treasury Bill rate of 6.532% p.a., based on auction held on November 24, 2003, as no auction was made on December, 2003. The EDYRF rates are based on the applicable London Interbank Bid (LIBID) rate.
The BSP also announced that under the peso rediscounting, total availments of commercial, thrift and rural banks for the period January 2 to December 31, 2003 amounted to P24.572 billion, of which P18.381 billion (74.80%) went to export/import financing, P2.250 billion (9.16%) to agricultural credits, P3.786 billion (15.41%) to commercial and industrial credits, P0.097 billion (0.39%) to microfinance and P0.058 billion (0.24%) to housing.
As of December 31, 2003, availments of twenty-eight commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.727 billion, of which $0.131 billion pertained to the period from January 2 to December 31, 2003, benefiting 497 exporter-borrowers. Under the Yen Facility, which was opened in June, 1999, four commercial banks had total availments of Y1.673 billion involving nine exporter-borrowers.