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BSP Rediscount Rates for April


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 April 2005, as follows:

Peso Rediscount Rates:


Applicable T-Bill Rates

Loan Maturity 4 to 8 April 2005
(Auction of 14 March 2005)
11 to 15 April 2005
(Auction of  4 April 2005) 
 18 to 22 April 2005
(Auction of  11 April 2005)
90 days or less  6.539% 6.595% 6.685%
91-180 days 7.590% 7.831% 7.990%
181-360 days 8.147% 8.147%* 8.147%*
*Based on auction of 14 March 2005.

Dollar Rediscount Facility Rate   -                    2.745% p.a.
Yen Rediscount Facility Rate      -                   0.025005% 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 and JPY rates are higher by 0.15375% and 0.00188%, as compared to the March 2005 rates of 2.59125% and 0.023125%, respectively.

The BSP also announced that under the peso rediscounting, total availments of commercial, thrift and rural banks as of 31 March 2005 amounted to P4.762 billion, of which P2.346 billion (49.26%) went to export/import financing, P0.422 billion (8.86%) to agricultural credits, P1.921 billion (40.34%) to commercial and industrial credits, P0.027 billion (0.57%) to microfinance and P0.046 billion (0.97%) to housing.

As of end March 2005, availments of twenty-nine commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.892 billion, of which $0.41 billion pertained to the period from January to March 2005, benefiting 532 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 March 2005.

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