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BSP Rediscount Rates for January

01.11.2006

The BSP announced today the rediscount rates applicable on loan availments by banking institutions for the month of January 2006.

For loans under the Peso Rediscount Facility, the rates are as follows:

Loan Maturity

02 to 06
January 2006

09 to 13
January 2006

16 to 20
January 2006

90 days or less

5.146 percent

4.961 percent

4.961 percent

91-180 days

7.206 percent

6.807 percent

6.435 percent

181-360 days

7.969 percent

7.611 percent

7.399 percent

In line with the implementation of the market-based pricing mechanism on rediscounting credits as scheduled under Circular 411 dated 29 October 2003, the weekly peso rediscount rates are based on the rates for Treasury Bills  with the corresponding maturities during the last auction.

Meanwhile, for loans under the Exporters’ Dollar and Yen Rediscount Facility (EDYRF), the rates are as follows:

Dollar (USD) Rediscount Facility Rate       -             4.265 percent p.a.
Yen (JPY) Rediscount Facility Rate             -             0.033755 percent  p.a.

The EDYRF are based on the applicable London Interbank Bid (LIBID) rate.  The present USD and JPY rates are higher by 0.09625 percent and 0.0025 percent as compared to the December 2005 rates of 4.16875 percent and 0.031255 percent, respectively.

The BSP also announced the level of availments of rediscounting loans for the period January-December 2005.  Under the Peso Rediscount Facility, total availments of commercial, thrift and rural banks amounted to P26.501 billion,  of  which  48.2  percent  went  to  export/import  financing,  9.8 percent to agricultural credits, 40.1 percent to commercial and industrial credits, 0.3 percent to microfinance and 1.6 percent to housing.

Since the commencement of the Export Dollar Facility in 1995, aggregate availments of 29 commercial banks amounted to US$1.998 billion, $0.147 billion of which pertained to January to December 2005, benefiting 548 export borrowers.  On the other hand, four commercial banks had total availments of Y1.945 billion under the Yen facility which opened in June 1999.  Y0.035 billion was availed of in the period January to December 2005.

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