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BSP Rediscount Rates for January

01.09.2002

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 January, 2002: 7.873% p.a. for Peso Rediscount, which is lower by 0.425% compared to last month’s rate of 8.298% p.a.; 1.805% p.a. for US Dollar (USD) and 0.05687% p.a. for Japanese Yen (JPY). The present USD rate is lower by 0.18875% while the JPY rate is higher by 0.00824% against the December 2001 rates of 1.99375% p.a. and 0.04863% p.a., respectively.

The Peso Rediscount rate of 7.873% is one percentage point below the average 91-day Treasury Bill rate of 8.873% p.a. during the auction held on December 18, 2001, 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 2 to December 31, 2001 amounted to P22.818 billion, of which P16.842 billion (73.8%) went to export financing, P3.658 billion (16.0%) to agricultural credits and P2.318 billion (10.2%) to commercial and industrial credits.

As of December 31, 2001, availments of twenty-eight (28) commercial banks under the Export Dollar Facility, which commenced in 1995, amounted to $1.481 billion, of which $0.118 billion pertained for the period from January 2 to December 31, 2001, benefiting 420 exporter-borrowers. Under the Yen Facility, which was opened in June, 1999, four (4) commercial banks had total availments of Y0.371 billion and participated by nine (9) exporter-borrowers.

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