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BSP Rediscount Rates for April

04.16.2004

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 April 2004: 6.616% p.a. for Peso Rediscount, which is higher by 1.181% as compared to last month’s rate of 5.435%; 0.965% p.a. for US Dollar (USD) and 0.0219% p.a. for Japanese Yen (JPY). The present USD and JPY rates are lower by 0.0075% and 0.0012%, as compared to the March 2004 rates of 0.9725% and 0.0231%, respectively.

The Peso Rediscount rate of 6.616% is one percentage point below the average 91-day Treasury Bill rate of 7.616% p.a. during the auction held on 15 March 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 March 2004 amounted to P5.551 billion, of which P3.953 billion (71.21%) went to export/import financing, P0.737 billion (13.28%) to agricultural credits, P0.852 billion (15.35%) to commercial and industrial credits and P0.009 billion (0.16%) to microfinance.

As of end March 2004, availments of twenty-eight commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.756 billion, of which $0.029 billion pertained to January to March 2004, benefiting 501 exporter-borrowers. Under the Yen Facility, which was opened in June 1999, four commercial banks had total availments of Y1.773 billion involving nine exporter-borrowers.

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