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BSP Rediscount Rates for February

02.19.2003

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 February, 2003: 4.248% p.a. for Peso Rediscount, which is higher by 0.084% compared to last month’s rate of 4.164% p.a.; 1.215% p.a. for US Dollar (USD) and 0.030% p.a. for Japanese Yen (JPY). The present USD and JPY rates are lower by 0.04% and 0.00438% as compared to the January , 2003 rates of 1.255% p.a. and 0.03438% p.a., respectively.

The Peso Rediscount rate of 4.248% is one percentage point below the average 91-day Treasury Bill rate of 5.248% p.a. during the auction held on January 20, 2003, 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 for the period January 2 to 31, 2003 amounted to P1.334 billion, of which P1.133 billion (84.93%) went to export/import financing, P0.100 billion (7.50%) to agricultural credits, P0.094 billion (7.05%) to commercial and industrial credits and P0.007 billion (0.52%) to microfinance.

As of January 31, 2003, availments of twenty-eight (28) commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.615 billion, of which $0.019 billion pertained for the period from January 2 to 31, 2003, benefiting 468 exporter-borrowers. Under the Yen Facility, which was opened in June, 1999, four (4) commercial banks had total availments of Y0.970.5 billion and participated by nine (9) exporter-borrowers.

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