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BSP Rediscount Rates for October

10.11.2005

The BSP announced today the rediscount rates applicable on loan availments by banking institutions for the month of October 2005.

For loans under the Peso Rediscount Facility, the rates are as follows:

 Loan Maturity 3 to 7 October 200510 to 14 October 2005
90 days or less5.818%5.898%
91-180 days 8.103% 8.026%
181-360 days9.049%9.042%
 
In line with the implementation of the market-based pricing mechanism on rediscounting credits as scheduled under Circular 411 dated 29 October 2003, the weekly peso rediscount rates are based on the rates for Treasury Bills  with the corresponding maturities during the last auction.

Meanwhile, for loans under the Exporters’ Dollar and Yen Rediscount Facility (EDYRF), the rates are as follows:

Dollar (USD) Rediscount Facility Rate  -    3.73875% p.a.
Yen (JPY) Rediscount Facility Rate     -     0.030625% p.a. 

The EDYRF are based on the applicable London Interbank Bid (LIBID) rate.  The present USD and JPY rates are higher by 0.16375% and 0.0025% as compared to the September 2005 rates of 3.575% and 0.028125% p.a., respectively.

The BSP also announced the level of availments of rediscounting loans for the period January-September 2005.  Under the Peso Rediscount Facility, total availments of commercial, thrift and rural banks amounted to P17.943 billion, of which  52.8% went to export/import financing,  8.0% to agricultural credits, 37.7% to commercial and industrial credits, 0.2% to microfinance and 1.3% to housing.

Since the commencement of the Export Dollar Facility in 1995, aggregate availments of twenty-nine commercial banks amounted to US$1.959 billion, $0.108 billion of which pertained to January to September 2005, benefiting 544 export borrowers.  On the other hand, four commercial banks had total availments of Y1.941 billion under the Yen facility opened in June 1999.  Y0.031 billion was availed of in the period January to September 2005.

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