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BSP Rediscount Rates for January


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 January 2005, as follows:

Peso Rediscount Rates:


 Applicable T-Bill Rates

Loan Maturity 27 December  2004 to 7 January 2005
(6 December 2004 Auction)     
10 to 21 January 2005 (3 January 2005 Auction)
90 days or less 7.790% 7.870%
91-180 days 8.877% 8.981%
181-360 days           9.884% 10.022%

Dollar Rediscount Facility Rate  -                          2.275% p.a.
Yen Rediscount Facility Rate      -                        0.023755% p.a.

The Monetary Board, in its Resolution No. 1409 dated 30 September 2004, authorized Management to implement beginning 4 October 2004 the market-based pricing mechanism on rediscounting credits as scheduled under Circular 411 dated 29 October 2003. 

The Exporters Dollar and Yen Rediscount Facility (EDYRF) rates are based on the applicable London Interbank Bid (LIBID) rate.  The present USD  rate is higher by 0.11%, while JPY rate remained the same, as compared to the December 2004 rates of 2.165% and 0.023755%,  respectively.

The BSP also announced that under the peso rediscounting, total availments of commercial, thrift and rural banks as of 31 December 2004 amounted to P22.887 billion, of which P15.251 billion  (66.64%) went to export/import financing, P2.730 billion (11.93%) to agricultural credits, P4.814 billion (21.03%) to commercial and industrial credits, P0.071 billion (0.31%) to microfinance and P0.021 billion (0.09%) to housing.

As of end December 2004, availments of twenty-eight commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.851 billion, of which $0.124 billion pertained to the period from 2 January to 30 December 2004, benefiting 526 exporter-borrowers.  Under the Yen Facility, which was opened in June 1999, four commercial banks involving nine exporter-borrowers had total availments of Y1.910 billion, of which Y0.237 billion referred to period January to December 2004.

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