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BSP Rediscount Rates for March

03.19.2003

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 March, 2003: 4.672% p.a. for Peso Rediscount, which is higher by 0.424% compared to last month’s rate of 4.248% p.a.; 1.2125% p.a. for US Dollar (USD) and 0.043755% p.a. for Japanese Yen (JPY). The present USD rate is lower by 0.0025% while the JPY rate is higher by 0.013755% as compared to the February , 2003 rates of 1.215% p.a. and 0.030% p.a., respectively.

The Peso Rediscount rate of 4.672% is one percentage point below the average 91-day Treasury Bill rate of 5.672% p.a. during the auction held on February 3, 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 February 28, 2003 amounted to P2.940 billion, of which P2.425 billion (82.48%) went to export/import financing, P0.221 billion (7.52%) to agricultural credits, P0.270 billion (9.18%) to commercial and industrial credits, P0.014 billion (0.48%) to microfinance and P0.010 billion (0.34%) to housing.

As of February 28, 2003, availments of twenty-eight (28) commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.623 billion, of which $0.027 billion pertained for the period from January 2 to February 28, 2003, benefiting 469 exporter-borrowers. Under the Yen Facility, which was opened in June, 1999, four (4) commercial banks had total availments of Y1.052 billion and participated by nine (9) exporter-borrowers.

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