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 March 2004: 5.435% p.a. for Peso Rediscount, which is higher by 0.275% as compared to last month’s rate of 5.160%; 0.9725% p.a. for US Dollar (USD) and 0.0231% p.a. for Japanese Yen (JPY). The present USD and JPY rates are lower by 0.0025% and 0.001275%, as compared to the February 2004 rates of 0.9750% and 0.024375%, respectively.
The Peso Rediscount rate of 5.435% is one percentage point below the average 91-day Treasury Bill rate of 6.435% p.a. during the auction held on February 16, 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 February 29, 2004 amounted to P3.718 billion, of which P2.733 billion (73.51%) went to export/import financing, P0.588 billion (15.81%) to agricultural credits, P0.394 billion (10.60%) to commercial and industrial credits and P0.003 billion (0.08%) to microfinance.
As of end February 2004 availments of twenty-eight commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.763 billion, of which $0.090 billion pertained to January to February 2004, benefiting 499 exporter-borrowers. Under the Yen Facility, which was opened in June 1999, four commercial banks had total availments of Y1.763 billion involving nine exporter-borrowers.