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 October, 2001: 8.577% p.a. for Peso Rediscount, 2.51375% p.a. for US Dollar (USD) and 0.025% p.a. for Japanese Yen (JPY).
The Peso Rediscount rate of 8.577% is one percentage point below the average 91-day Treasury Bill rate of 9.577% p.a. during the auction held on September 24, 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 September 30, 2001 amounted to P19.327 billion, of which P14.637 billion (75.7%) went to export financing, P2.986 billion (15.4%) to agricultural credits and P1.704 billion (8.9%) to commercial and industrial credits.
As of September 30, 2001, availments of twenty-eight (28) commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.459 billion, of which $0.096 billion pertained for the period from January 2 to September 30, 2001, benefitting 412 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.