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BSP Rediscount Rates for January

01.14.2003

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 January, 2003: 4.164% p.a. for Peso Rediscount, which is lower by 0.029% compared to last month’s rate of 4.193% p.a.; 1.255% p.a. for US Dollar (USD) and 0.03438% p.a. for Japanese Yen (JPY). The present USD and JPY rates are lower by 0.05875% and 0.009995% as compared to the December , 2002 rates of 1.31375% p.a. and 0.044375% p.a., respectively.

The Peso Rediscount rate of 4.164% is one percentage point below the average 91-day Treasury Bill rate of 5.164% p.a. during the auction held on December 9, 2002, 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 from January to December 31, 2002 amounted to P15.102 billion, of which P9.012 billion (59.7%) went to export/import financing, P2.529 billion (16.7%) to agricultural credits, P3.517 billion (23.3%) to commercial and industrial credits and P0.044 billion (0.3%) to microfinance.

As of end December, 2002, availments of twenty-eight (28) commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.596 billion, of which $0.111 billion pertained for the period from January 2 to December 31, 2002, benefiting 463 exporter-borrowers. Under the Yen Facility, which was opened in June, 1999, four (4) commercial banks had total availments of Y0.936 billion and participated by nine (9) exporter-borrowers.

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