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BSP Rediscount Rates for September

09.10.2003

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 September, 2003: 4.225% p.a. for Peso Rediscount, which is higher by 0.057% compared to last month’s rate of 4.168% p.a.; 0.990% p.a. for US Dollar (USD) and 0.0288% p.a. for Japanese Yen (JPY). The present USD and JPY rates are higher by 0.015% and 0.0038%, as compared to the August, 2003 rates of 0.975% p.a. and 0.025% p.a., respectively.

The Peso Rediscount rate of 4.225% is one percentage point below the average 91-day Treasury Bill rate of 5.225% p.a. during the auction held on August 18, 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 August 31, 2003 amounted to P18.183 billion, of which P14.127 billion (77.69%) went to export/import financing, P1.407 billion (7.74%) to agricultural credits, P2.526 billion (13.89%) to commercial and industrial credits, P0.065 billion (0.36%) to microfinance and P0.058 billion ( 0.32%) to housing.

As of August 31, 2003, availments of twenty-eight (28) commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.689 billion, of which $0.093 billion pertained for the period from January 2 to August 31, 2003, benefitting 486 exporter-borrowers. Under the Yen Facility, which was opened in June, 1999, four (4) commercial banks had total availments of Y1.493 billion and participated by nine (9) exporter-borrowers.

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