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, 2000, as follows: 8.274% p.a. for Peso Rediscount, 6.49375% p.a. for US Dollar (USD) and 0.33375% p.a. for Japanese Yen (JPY).
The Peso Rediscount rate of 8.274% is based on one percentage point below the average 91-day Treasury Bill rate of 9.274% p.a. during the auction held on September 25, 2000, while the EDYRF rates are based on the applicable London Interbank Bid (LIBID) rate. The Peso Rediscount rate is higher by 0.357% as compared to the previous rate of 7.917%, while the US Dollar and JPY rates are lower by 0.00875% and 0.02775% against the previous rates of 6.5025% and 0.3615%, respectively.
The BSP also announced that under the peso rediscounting, total availments of commercial, thrift and rural banks from January 2 to September 22, 2000 amounted to P7.807 billion, of which P3.909 billion (51.1%) went to export financing, P2.243 billion (28.7%) to agricultural credits and P1.655 billion (21.2%) to commercial and industrial credits.
As of the same date, availments of twenty-seven (27) commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.328 billion, of which $0.136 billion pertained to the period from January 2 to September 22, 2000, benefitting 374 exporter-borrowers. Under the Yen Facility, which was opened in June, 1999, two (2) commercial banks had total availments of Y0.246 billion and participated by 4 exporter-borrowers.