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Outstanding FCDU Loans Rise in Third Quarter

12.29.2009

BSP Governor Amando M. Tetangco, Jr. reported that as of end-September 2009, outstanding loans granted by Foreign Currency Deposit Units (FCDUs) of banks amounted to US$4.8 billion, reflecting a 4 percent increase from the previous quarter’s level, due mainly to higher loan releases versus repayments. It was noted, however, that while FCDU loans increased, banks’ peso loan portfolio for the same period decreased by PHP65 billion (or about US$1.4 billion).

Compared to September 2008, however, FCDU loans declined by US$53 million (or 1 percent) due to audit and other adjustments.

Exporters and public utility firms remained the top FCDU borrowers with combined share to total representing almost half of the portfolio. Producers/manufacturers, including oil companies had borrowings of less than 10 percent.

In terms of maturity, outstanding FCDU loans remained largely medium and long-term (MLT) in nature, although share to total slightly declined to 59 percent from 60 percent in June 2009 as short-term (ST) accounts grew at a faster pace. MLT accounts are those with original payment terms of more than one year, while ST loans have original tenors of up to one year.

Gross disbursements in the third quarter of US$2 billion were higher by US$536 million than the previous period’s level, while repayments of US$1.7 billion were lower by US$147 million. Major loan releases for the quarter were in favor of a mix of borrowers involved in oil, power and energy, manufacturing and mineral extraction, helping spur further economic activity.

FCDU deposit liabilities rose further to US$22.3 billion as of end-September. This is the highest level recorded for FCDU deposits since 1994. About 98 percent of these deposits were held by residents. Overall loans-to-deposits ratio slightly improved to 21.1 percent from 21.0 percent in the second quarter.

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