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BSP Rediscount Rates for November

11.11.2002

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 November 2002: 4.374% p.a. for Peso Rediscount, which is slightly higher by 0.153% compared to last month’s rate of 4.221% p.a.; 1.5650% p.a. for US Dollar (USD) and 0.038125% p.a. for Japanese Yen (JPY). The present USD rate is lower by 0.12125% as compared to the October, 2002 rate of 1.68625% p.a., while JPY rate remained at 0.038125% p.a..

The Peso Rediscount rate of 4.374% is one percentage point below the average 91-day Treasury Bill rate of 5.374% p.a. during the auction held on October 29, 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 October 31, 2002 amounted to P12.444 billion, of which P7.218 billion (58.0%) went to export/import financing, P2.117 billion (17.0%) to agricultural credits, P3.081 billion (24.8%) to commercial and industrial credits and P0.028 billion (0.2%) to microfinance.

As of end October, 2002, availments of twenty-eight (28) commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.578 billion, of which $0.093 billion pertained for the period from January 2 to October 31, 2002, benefitting 454 exporter-borrowers. Under the Yen Facility, which was opened in June, 1999, four (4) commercial banks had total availments of Y0.899 billion and participated by nine (9) exporter-borrowers.

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