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BSP Rediscount Rates for December

12.13.2002

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 2002: 4.193% p.a. for Peso Rediscount, which is lower by 0.181% compared to last month’s rate of 4.374% p.a.; 1.31375% p.a. for US Dollar (USD) and 0.044375% p.a. for Japanese Yen (JPY). The present USD rate is lower by 0.25125% while JPY rate is higher by 0.00625%, as compared to the November, 2002 rates of 1.5650% p.a. and 0.038125% p.a., respectively.

The Peso Rediscount rate of 4.193% is one percentage point below the average 91-day Treasury Bill rate of 5.193% p.a. during the auction held on November 25, 2002, 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 from January to November 30, 2002 amounted to P13.819 billion, of which P8.184 billion (59.2%) went to export/import financing, P2.255 billion (16.3%) to agricultural credits, P3.346 billion (24.2%) to commercial and industrial credits and P0.034 billion (0.3%) to microfinance.

As of end November, 2002, availments of twenty-eight (28) commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.588 billion, of which $0.103 billion pertained for the period from January 2 to November 30, 2002, benefiting 455 exporter-borrowers. Under the Yen Facility, which was opened in June, 1999, four (4) commercial banks had total availments of Y0.904 billion and participated by nine (9) exporter-borrowers.

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