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BSP Rediscount Rates for December

12.10.2001

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 December, 2001: 8.298% p.a. for Peso Rediscount, 1.99375% p.a. for US Dollar (USD) and 0.04863% p.a. for Japanese Yen (JPY).

The Peso Rediscount rate of 8.298% is one percentage point below the average 91-day Treasury Bill rate of 9.298% p.a. during the auction held on November 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 November 30, 2001 amounted to P21.786 billion, of which P16.079 billion (73.8%) went to export financing, P3.389 billion (15.6%) to agricultural credits and P2.318 billion (10.6%) to commercial and industrial credits.

As of November 30, 2001, availments of twenty-eight (28) commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.474 billion, of which $0.111 billion pertained for the period from January 2 to November 30, 2001, benefiting 417 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) exporter-borrowers.

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