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BSP Rediscount Rates for October


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 2004, as follows:

Peso Rediscount Rates: 


Applicable T-Bill Rates

Loan Maturity 4 to 17 October 2004 18 to 31 October 2004
90 days or less 7.639% 7.772%
91-180 days 8.536%  8.845%
181-360 days  9.773% 9.904%

Dollar Rediscount Facility Rate  -        1.715% 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 and JPY rates are higher by 0.17% and 0.00125%, as compared to the September 2004 rates of 1.545% and 0.022505%,  respectively.

The BSP also announced that under the peso rediscounting, total availments of commercial, thrift and rural banks as of 30 September 2004 amounted to P18.710 billion, of which P13.034 billion (69.67%) went to export/import financing, P2.128 billion (11.37%) to agricultural credits, P3.498 billion (18.69%) to commercial and industrial credits, and P0.050 billion (0.27%) to microfinance.

As of end September 2004, availments of twenty-eight (28) commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.813 billion, of which $0.86 billion pertained for the period from 2 January  to 30 September 2004, benefiting 520 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 September 2004.

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