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BSP Rediscount Rates for March

03.07.2002

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 March 2002: 6.000% p.a. for Peso Rediscount, which is lower by 0.502% compared to last month’s rate of 6.502% p.a.; 1.745% p.a. for US Dollar (USD) and 0.09063% p.a. for Japanese Yen (JPY). The present USD and YPY rates are higher by 0.04% and 0.064% against the February, 2002 rates of 1.705% p.a. and 0.02663% p.a., respectively.

The Peso Rediscount rate of 6.000% is one percentage point below the average 91-day Treasury Bill rate of 7.000% p.a. during the auction held on February 26, 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 February 28, 2002 amounted to P1.980 billion, of which P1.507 billion (76.1%) went to export financing, P0.310 billion (15.7%) to agricultural credits and P0.163 billion (8.2%) to commercial and industrial credits.

As of end February, 2002, availments of twenty-eight (28) commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.494 billion, of which $0.009 billion pertained for the period from January 2 to February 28, 2002, benefiting 422 exporter-borrowers. Under the Yen Facility, which was opened in June, 1999, four (4) commercial banks had total availments of Y0.605 billion and participated by nine (9) exporter-borrowers.

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