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BSP Rediscount Rates for July

07.04.2001

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 July, 2001: 7.728% p.a. for Peso Rediscount, 3.71% p.a. for US Dollar (USD) and 0.045% p.a. for Japanese Yen (JPY).

The Peso Rediscount rate of 7.728% is one percentage point below the average 91-day Treasury Bill rate of 8.728% p.a. during the auction held on June 25, 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 June 22, 2001 amounted to P11.776 billion, of which P9.056 billion (76.9%) went to export financing, P1.910 billion (16.2%) to agricultural credits and P0.810 billion (6.9%) to commercial and industrial credits.

As of June 22, 2001, availments of twenty-eight (28) commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.420 billion, of which $0.057 billion pertained for the period from January 2 to June 22, 2001, benefiting 402 exporter-borrowers. Under the Yen Facility, which was opened in June, 1999, four (4) commercial banks had total availments of Y0.304 billion and participated by nine (9) exporter-borrowers.

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