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 2004: 6.143% p.a. for Peso Rediscount, which is lower by 0.018% as compared to last month’s rate of 6.161%; 0.98875% p.a. for US Dollar (USD) and 0.021875% p.a. for Japanese Yen (JPY). The present USD rate is higher by 0.01375% while the JPY rate remained the same as compared to the May 2004 rates of 0.975% and 0.021875%, respectively.
The Peso Rediscount rate of 6.143% is one percentage point below the average 91-day Treasury Bill rate of 7.143% p.a. during the auction held on 24 May 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 31 May 2004 amounted to P9.768 billion, of which P6.943 billion (71.08%) went to export/import financing, P1.246 billion (12.75%) to agricultural credits, P1.555 billion (15.92%) to commercial and industrial credits and P0.024 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 $1.775 billion, of which $0.048 billion pertained to January to May 2004, benefiting 505 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.