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 October 2002: 4.221% p.a. for Peso Rediscount, which is slightly higher by 0.243% compared to last month’s rate of 3.978% p.a.; 1.68625% p.a. for US Dollar (USD) and 0.038125% p.a. for Japanese Yen (JPY). The present USD rate is lower by 0.00875% as compared to the September, 2002 rate of 1.695% p.a., while JPY rate remained at 0.038125% p.a..
The Peso Rediscount rate of 4.221% is one percentage point below the average 91-day Treasury Bill rate of 5.221% p.a. during the auction held on September 30, 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 September 30, 2002 amounted to P11.191 billion, of which P6.543 billion (58.5%) went to export/import financing, P1.909 billion (17.1%) to agricultural credits, P2.719 billion (24.3%) to commercial and industrial credits and P0.020 billion (0.1%) to microfinance.
As of end September, 2002, availments of twenty-eight (28) commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.567 billion, of which $0.082 billion pertained for the period from January 2 to September 30, 2002, benefiting 453 exporter-borrowers. Under the Yen Facility, which was opened in June, 1999, four (4) commercial banks had total availments of Y0.865 billion and participated by nine (9) exporter-borrowers.