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BSP Rediscount Rates for May

05.19.2003

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 May, 2003: 6.434% p.a. for Peso Rediscount, which is higher by 0.289% compared to last month’s rate of 6.145% p.a.; 1.185% p.a. for US Dollar (USD) and 0.0394% p.a. for Japanese Yen (JPY). The present USD and JPY rates are higher by 0.01% and 0.0056% as compared to the April, 2003 rates of 1.175% p.a. and 0.0338% p.a., respectively.

The Peso Rediscount rate of 6.434% is one percentage point below the average 91-day Treasury Bill rate of 7.434% p.a. during the auction held on April 28, 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 April 30, 2003 amounted to P8.634 billion, of which P6.963 billion (80.65%) went to export/import financing, P1.154 billion (13.36%) to agricultural credits, P0.429 billion (4.97%) to commercial and industrial credits, P0.030 billion (0.35%) to microfinance and P0.058 billion ( 0.67%) to housing.

As of April 30, 2003, availments of twenty-eight (28) commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.642 billion, of which $0.046 billion pertained for the period from January 2 to April 30, 2003, benefiting 472 exporter-borrowers. Under the Yen Facility, which was opened in June, 1999, four (4) commercial banks had total availments of Y1.193 billion and participated by nine (9) exporter-borrowers.

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