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 - 3.215% p.a.
Yen (JPY) Rediscount Facility Rate - 0.025005% p.a.
The EDYRF are based on the applicable London Interbank (LIBID) rate. The present USD and JPY rates are higher by 0.21% and 0.00063% as compared to the June 2005 rates of 3.005% and 0.024375%, respectively.
The BSP also announced the level of availments of rediscounting loans for the period January-June 2005. Under the Peso Rediscount Facility, total availments of commercial, thrift and rural banks amounted to P9.748 billion, of which 48.3% went to export/import financing, 42.1% to commercial and industrial credits, 8.6% to agricultural credits, 0.3% to microfinance and 0.7% to housing.
Since the commencement of the Export Dollar Facility in 1995, aggregate availments of twenty-nine commercial banks amounted to US$1.933 billion benefiting 537 export borrowers. For the period January-June 2005, availments totaled $0.82 billion. On the other hand, four commercial banks had total availments of Y1.941 billion under the Yen Facility opened in June 1999. Y 0.31 billion was availed of in the period January to June 2005.