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BSP Rediscount Rates for June

06.06.2003

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 June, 2003: 5.302% p.a. for Peso Rediscount, which is lower by 1.132% compared to last month’s rate of 6.434% p.a.; 1.195% p.a. for US Dollar (USD) and 0.0294% p.a. for Japanese Yen (JPY). The present USD rate is higher by 0.01% while the JPY rate is lower by 0.01%, as compared to the May, 2003 rates of 1.185% p.a. and 0.0394% p.a., respectively.

The Peso Rediscount rate of 5.302% is one percentage point below the average 91-day Treasury Bill rate of 6.302% p.a. during the auction held on May 26, 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 May 31, 2003 amounted to P11.031 billion, of which P8.944 billion (81.08%) went to export/import financing, P1.077 billion (9.76%) to agricultural credits, P0.914 billion (8.29%) to commercial and industrial credits, P0.038 billion (0.34%) to microfinance and P0.058 billion ( 0.53%) to housing.

As of May 31, 2003, availments of twenty-eight (28) commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.652 billion, of which $0.056 billion pertained for the period from January 2 to May 31, 2003, benefiting 473 exporter-borrowers. Under the Yen Facility, which was opened in June, 1999, four (4) commercial banks had total availments of Y1.292 billion and participated by nine (9) exporter-borrowers.

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