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BSP Rediscount Rates for November

11.16.2001

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 November, 2001: 8.918% p.a. for the Peso Rediscount, 2.195% p.a. for US Dollar (USD) and 0.0225% p.a. for Japanese Yen (JPY).

The Peso Rediscount rate of 8.918% is one percentage point below the average 91-day Treasury Bill rate of 9.918% p.a. during the auction held on October 22, 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 October 31, 2001 amounted to P21.574 billion, of which P15.260 billion (70.7%) went to export financing, P4.175 billion (19.4%) to agricultural credits and P2.139 billion (9.9%) to commercial and industrial credits.

As of October 31, 2001, availments of twenty-eight (28) commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.468 billion, of which $0.104 billion pertained for the period from January 2 to October 31, 2001, benefiting 416 exporter-borrowers.  Under the Yen Facility, which was opened in June, 1999, four (4) commercial banks had total availments of Y0.357 billion and participated by nine (9) export-borrowers.

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