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 April 2002: 4.488% p.a. for Peso Rediscount, which is lower by 1.512% compared to last month’s rate of 6.0% p.a.; 1.78375% p.a. for US Dollar (USD) and 0.08062% p.a. for Japanese Yen (JPY). The present USD rate is higher by 0.03875% while JPY rate is lower by 0.01001% against the March, 2002 rates of 1.745% p.a. and 0.09063% p.a., respectively.
The Peso Rediscount rate of 4.488% is one percentage point below the average 91-day Treasury Bill rate of 5.488% p.a. during the auction held on Mach 18, 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 March 31, 2002 amounted to P3.485 billion, of which P2.539 billion (72.8%) went to export financing, P0.546 billion (15.7%) to agricultural credits and P0.400 billion (11.5%) to commercial and industrial credits.
As of end March, 2002, availments of twenty-eight (28) commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.502 billion, of which $0.017 billion pertained for the period from January 2 to March 31, 2002, benefiting 426 exporter-borrowers. Under the Yen Facility, which was opened in June, 1999, four (4) commercial banks had total availments of Y0.648 billion and participated by nine (9) exporter-borrowers.