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BSP Rediscount Rates for September

09.09.2002

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 September 2002: 3.978% p.a. for Peso Rediscount, which is higher by 0.208% compared to last month’s rate of 3.770% p.a.; 1.7695% p.a. for US Dollar (USD) and 0.038125% p.a. for Japanese Yen (JPY). The present USD rate remained at 1.695% p.a. while JPY rate is higher by 0.002495% against August , 2002 rate of 0.03563% p.a.

The Peso Rediscount rate of 3.978% is one percentage point below the average 91-day Treasury Bill rate of 4.978% p.a. during the auction held on August 19, 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 August 31, 2002 amounted to P9.888 billion, of which P5.633 billion (57.0%) went to export/import financing, P1.694 billion (17.1%) to agricultural credits, P2.549 billion (25.8%) to commercial and industrial credits and P0.012 billion (0.1%) to microfinance.

As of end August, 2002, availments of twenty-eight (28) commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.551 billion, of which $0.066 billion pertained for the period from January 2 to August 31, 2002, benefiting 428 exporter-borrowers. Under the Yen Facility, which was opened in June, 1999, four (4) commercial banks had total availments of Y0.752 billion and participated by nine (9) exporter-borrowers.

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