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BSP Rediscount Rates for July

07.10.2003

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 July, 2003: 4.498% p.a. for Peso Rediscount, which is lower by 0.804% compared to last month’s rate of 5.302% p.a.; 0.995% p.a. for US Dollar (USD) and 0.0303% p.a. for Japanese Yen (JPY). The present USD rate is lower by 0.2% while the JPY rate is higher by 0.0009%, as compared to the June, 2003 rates of 1.195% p.a. and 0.0294% p.a., respectively.

The Peso Rediscount rate of 4.498% is one percentage point below the average 91-day Treasury Bill rate of 5.498% p.a. during the auction held on June 23, 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 June 30, 2003 amounted to P14.039 billion, of which P11.296 billion (80.46%) went to export/import financing, P1.354 billion (9.65%) to agricultural credits, P1.287 billion (9.17%) to commercial and industrial credits, P0.044 billion (0.31%) to microfinance and P0.058 billion ( 0.41%) to housing.

As of June 30, 2003, availments of twenty-eight (28) commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.667 billion, of which $0.071 billion pertained for the period from January 2 to June 30, 2003, benefitting 478 exporter-borrowers. Under the Yen Facility, which was opened in June, 1999, four (4) commercial banks had total availments of Y1.367 billion and participated by nine (9) exporter-borrowers.

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