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BSP Rediscount Rates for July

07.09.2002

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 July, 2002: 3.778% p.a. for Peso Rediscount, which is higher by 0.209% compared to last month’s rate of 3.569% p.a.; 1.71375% p.a. for US Dollar (USD) and 0.037505% p.a. for Japanese Yen (JPY). The present USD and JPY rates are lower by 0.005% and 0.003755% against the June, 2002 rates of 1.71875% p.a. and 0.04126% p.a., respectively.

The Peso Rediscount rate of 3.778% is one percentage point below the weighted average 91-day Treasury Bill rate of 4.778% p.a. during the auction held on June 10, 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 June 30, 2002 amounted to P7.709 billion, of which P4.517 billion (58.6%) went to export financing, P1.260 billion (16.3%) to agricultural credits and P1.932 billion (25.1%) to commercial and industrial credits.

As of end of June, 2002, availments of twenty-eight (28) commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.529 billion, of which $0.044 billion pertained for the period from January 2 to June 30, 2002, benefiting 447 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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