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BSP Rediscount Rates for June

06.16.2005

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 June 2005, as follows:

Peso Rediscount Rates:  

 

   Applicable T-Bill Rates 

Loan Maturity

30 May to 3 June 2005
(Auction of 23 May 2005)

6 to 10 June 2005
(Auction of 30  May  2005)

13 to 17 June 2005
(Auction of 6 June 2005)

90 days or less

5.920%

5.767%

5.691%

91-180 days         

6.966%

6.817%

6.784%

181-360 days

7.985%

7.934%

7.851%

Dollar Rediscount Facility Rate   -                          3.005% p.a.
Yen Rediscount Facility Rate      -                          0.024375% 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 0.04125%, as compared to the May 2005 rate of 2.96375%, while JPY rate remained at 0.024375%.

The BSP also announced that under the peso rediscounting, total availments of commercial, thrift and rural banks as of 31 May 2005 amounted to P7.965 billion, of which P3.811 billion (47.85%) went to export/import financing, P0.710 billion (8.91%) to agricultural credits, P3.344 billion (41.98%) to commercial and industrial credits, P0.031 billion (0.39%) to microfinance and P0.069 billion (0.87%) to housing.

As of end May 2005, availments of twenty-nine commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.922 billion, of which $0.71 billion pertained to the period from January to May 2005, benefiting 535 exporter-borrowers.  Under the Yen Facility, which was opened in June 1999, four commercial banks involving nine exporter-borrowers had total availments of Y1.941 billion, of which Y0.31 billion referred to period January to May 2005.

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