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BSP Rediscount Rates for May

05.17.2004

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  May 2004: 6.161% p.a. for Peso Rediscount, which is lower by 0.455% as compared to last month’s rate of 6.616%; 0.975% p.a. for US Dollar (USD) and 0.021875% p.a. for Japanese Yen (JPY). The present USD rate is higher by 0.01% while the JPY rate is lower by 0.000025% as compared to the April 2004 rates of 0.965% and 0.0219%, respectively.

The Peso Rediscount rate of 6.161% is one percentage point below the average 91-day Treasury Bill rate of 7.161% p.a. during the auction held on 26 April 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 April 2004 amounted to P7.707 billion, of which P5.435 billion (70.52%) went to export/import financing, P1.005 billion (13.04%) to agricultural credits, P1.248 billion (16.19%) to commercial and industrial credits and P0.019 billion (0.25%) to microfinance.

As of end April 2004, availments of twenty-eight commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.769 billion, of which $0.042 billion pertained to January to April 2004, benefiting 504 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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