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 April, 2003: 6.145% p.a. for Peso Rediscount, which is higher by 1.473% compared to last month’s rate of 4.672% p.a.; 1.175% p.a. for US Dollar (USD) and 0.0338% p.a. for Japanese Yen (JPY). The present USD and JPY rates are lower by 0.0375% and 0.009955% as compared to the March, 2003 rates of 1.2125% p.a. and 0.043755% p.a., respectively.
The Peso Rediscount rate of 6.145% is one percentage point below the average 91-day Treasury Bill rate of 7.145% p.a. during the auction held on March 31, 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 March 31, 2003 amounted to P6.720 billion, of which P5.563 billion (82.78%) went to export/import financing, P0.759 billion (11.30%) to agricultural credits, P0.365 billion (5.43%) to commercial and industrial credits, P0.023 billion (0.34%) to microfinance and P0.010 billion ( 0.15%) to housing.
As of March 31, 2003, availments of twenty-eight (28) commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.633 billion, of which $0.037 billion pertained for the period from January 2 to March 31, 2003, benefiting 470 exporter-borrowers. Under the Yen Facility, which was opened in June, 1999, four (4) commercial banks had total availments of Y1.149 billion and participated by nine (9) exporter-borrowers.