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BSP Rediscount Rates for March

03.12.2001

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 March, 2001: 9.456% p.a. for Peso Rediscount, 5.15625% p.a. for US Dollar (USD) and 0.37% p.a. for Japanese Yen (JPY).

The Peso Rediscount rate of 9.456 % is one percentage point below the average 91-day Treasury Bill rate of 10.456% p.a. during the auction held on February 26, 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 from January 2 to February 28, 2001 amounted to P7.338 billion, of which P6.635 billion (90.4%) went to export financing, P0.407 billion (5.5%) to agricultural credits and P0.296 billion (4.1%) to commercial and industrial credits.

As of end February, 2001, availments of twenty-eight (28) commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.387 billion, of which $0.024 billion pertained for the period from January 2 to February 28, 2001, benefiting 395 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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