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FCDU Loan Portfolio Down by 8 Percent in Last Quarter of 2004

04.28.2005

As of 31 December 2004, outstanding loans granted by Foreign Currency Deposit Units (FCDUs) of banks stood at US$4,526 million. The figure reflected a contraction of US$385 million or about 8 percent from the end-September level of US$4,911 million.  

The decline in FCDU loans during the quarter resulted from net loan repayment (or the excess of principal repayments over loan availments) of US$407 million which was slightly offset by overall net positive adjustments of US$22 million arising largely from foreign exchange revaluation.

Loan releases during the quarter amounted to US$1,000 million, US$261 million lower than the previous quarter’s US$1,261 million. Oil companies received US$368 million, down by US$226 million from the previous quarter’s US$594 million.  About 61 percent of funds were disbursed by local banks, with the balance provided by branches and subsidiaries of foreign banks. 

FCDU deposit liabilities expanded by US$561 million or by 4 percent to reach US$15,544 million, of which about 94 percent pertained to residents. With deposit liabilities rising faster than loans, the overall loans-to-deposits ratio dropped from 34 percent to 31 percent.  

Classified by borrower, public utility firms and commodity/service exporters absorbed 22 percent each of the outstanding loan portfolio. On a sectoral basis, private borrowings accounted for 64 percent of outstanding FCDU credits. 

In terms of maturity, medium and long-term accounts (with original maturities of more than one year) comprised 72 percent of the total.   

The top five lenders have remained the same since 2001. These consist of four local commercial banks and one foreign bank branch whose combined exposures accounted for 47 percent of the entire FCDU loan portfolio.

On a year-on-year basis, the stock of FCDU loans dropped by 7.3 percent (or US$356 million), largely due to net repayments. In contrast, peso loans from commercial banks rose by 4.5 percent.

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