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BSP Rediscount Rates for June

06.11.2002

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 June, 2002:  3.569% p.a. for Peso Rediscount, which is higher by 0.27% compared to last month’s rate of  3.299% p.a.; 1.71875% p.a. for US Dollar (USD) and 0.04126% p.a. for Japanese Yen (JPY).   The present USD rate is higher by 0.0025% while JPY rate is lower by 0.006865% against the May, 2002 rates of 1.71875% p.a. and 0.04126% p.a., respectively.

The Peso Rediscount rate of  3.569% is  one percentage point below the average 91-day Treasury Bill rate of 4.569% p.a. during the auction held on May 27, 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 May 31, 2002 amounted to P6.605 billion, of which P5.314 billion  (80.4%) went to export financing, P0.877 billion (13.3%) to agricultural credits and P0.414 billion (6.3%) to commercial and industrial credits.

As of  end of May, 2002, availments of twenty-eight (28) commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.523 billion, of which $0.038 billion pertained for the period from January 2 to May 31, 2002, benefitting 441 exporter-borrowers.  Under the Yen Facility, which was opened in  June, 1999, four (4) commercial banks had total availments of Y0.717 billion and participated by nine (9) exporter-borrowers.

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