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BSP Rediscount Rates for November

11.12.2003

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 November, 2003: 4.966% p.a. for Peso Rediscount, which is higher by 0.46% compared to last month’s rate of 4.506% p.a.; 0.9950% p.a. for US Dollar (USD) and 0.0281% p.a. for Japanese Yen (JPY). The present USD rate remains the same while JPY rate is lower by 0.0007% as compared to the October rate of 0.0288% p.a.

The Peso Rediscount rate of 4.966% is one percentage point below the average 91-day Treasury Bill rate of 5.966% p.a. during the auction held on October 27, 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 October 31, 2003 amounted to P21.459 billion, of which P16.350 billion (76.19%) went to export/import financing, P1.746 billion (8.14%) to agricultural credits, P3.225 billion (15.03%) to commercial and industrial credits, P0.080 billion (0.37%) to microfinance and P0.058 billion ( 0.27%) to housing.

As of October 31, 2003, availments of twenty-eight commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.714 billion, of which $0.118 billion pertained to the period from January 2 to October 31, 2003, benefiting 495 exporter-borrowers. Under the Yen Facility, which was opened in June, 1999, four commercial banks had total availments of Y1.581 billion involving nine exporter-borrowers.

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