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BSP Rediscount Rates for January

01.12.2001

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, 2001, as follows: 11.931% p.a. for Peso Rediscount, 6.4375% p.a. for US Dollar (USD) and 0.5425% p.a. for Japanese Yen (JPY).

The Peso Rediscount rate of 11.931% is one percentage point below the average 91-day Treasury Bill rate of 12.931% p.a. during the auction held on December 18, 2000, while 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 from January 2 to December 31, 2000 amounted to P11.236 billion, of which P5.640 billion (50.2%) went to export financing, P3.136 billion (27.9%) to agricultural credits and P2.460 billion (21.9%) to commercial and industrial credits.

As of December 31, 2000, availments of twenty-eight (28) commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.363 billion, of which $0.170 billion pertained to the period from January 2 to December 31, 2000, benefitting 386 exporter-borrowers. Under the Yen Facility, which was opened in June, 1999, two (2) commercial banks had total availments of Y0.255 billion and participated by 4 exporter-borrowers.

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