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BSP Rediscount Rates for July

07.14.2004

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 July 2004: 6.634% p.a. for Peso Rediscount, which is higher by 0.491% as compared to last month’s rate of 6.143%; 1.24375% p.a. for US Dollar (USD) and 0.023125% p.a. for Japanese Yen (JPY). The present USD and JPY rates are higher by 0.255% and 0.00125% compared to the June 2004 rates of 0.98875% and 0.21875% respectively.

The Peso Rediscount rate of 6.634% is one percentage point below the average 91-day Treasury Bill rate of 7.634% p.a. during the auction held on 21 June 2004, while the EDYRF rates are based on the applicable London Interbank Bid (LIBID) rate.

The BSP also announced that under the peso rediscounting, total availments of commercial, thrift and rural banks as of 30 June 2004 amounted to P11.901 billion, of which P8.343 billion (70.10%) went to export/import financing, P1.533 billion (12.88%) to agricultural credits, P1.996 billion (16.77%) to commercial and industrial credits and P0.029 billion (0.25%) to microfinance.

As of end May 2004, availments of twenty-eight commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.786 billion, of which $0.059 billion pertained to January to June 2004, benefiting 508 exporter-borrowers. Under the Yen Facility, which was opened in June 1999, four commercial banks had total availments of Y1.811 billion involving nine exporter-borrowers.

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