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Rediscount Rates for December

12.15.2003

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 December 2003: 5.532% p.a. for Peso Rediscount, which is higher by 0.566% compared to last month’s rate of 4.966% p.a.; 0.99375% p.a. for US Dollar (USD) and 0.028125% p.a. for Japanese Yen (JPY). The present USD rate is lower by 0.00125%, while JPY rate is higher by 0.000025% as compared to the November rates of 0.9950% and 0.0281%, respectively.

The Peso Rediscount rate of 5.532% is one percentage point below the average 92-day Treasury Bill rate of 6.532% p.a. during the auction held on November 24, 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 November 30, 2003 amounted to P23.107 billion, of which P17.388 billion (75.54%) went to export/import financing, P1.928 billion (8.38%) to agricultural credits, P3.558 billion (15.46%) to commercial and industrial credits, P0.085 billion (0.37%) to microfinance and P0.058 billion ( 0.25%) to housing.

As of November 30, 2003, availments of twenty-eight commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.721 billion, of which $0.125 billion pertained to the period from January 2 to November 30, 2003, benefiting 497 exporter-borrowers. Under the Yen Facility, which was opened in June, 1999, four commercial banks had total availments of Y1.673 billion involving nine exporter-borrowers.

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