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BSP Rediscount Rates for February

02.09.2001

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 February, 2001:  10.165% p.a. for Peso Rediscount, 5.50% p.a. for US Dollar (USD) and 0.39875% p.a. for Japanese Yen (JPY).

The Peso Rediscount rate of 10.165% is one percentage point below the average 91-day Treasury Bill rate of 11.165% p.a. during the auction held on January 29, 2001, 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 for the month of January, 2001 amounted to P0.905 billion, of which P0.627 billion (69.3%) went to export financing, P0.155 billion (17.1%) to agricultural credits and P0.123 billion (13.6%) to commercial and industrial credits.

As of January 31, 2001, availments of twenty-eight (28) commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.380 billion, of which $0.017 billion pertained for the month of January, 2001, benefitting 393 exporter-borrowers.  Under the Yen Facility, which was opened in June, 1999, two (2) commercial banks had total availments of Y0.288 billion and participated by 4 exporter-borrowers.

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