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FCDU Loan Portfolio Up by 3 Percent in Second Quarter

10.01.2004

Bangko Sentral Officer-In-Charge Armando L. Suratos announced today that as of 30 June 2004, outstanding loans granted by Foreign Currency Deposit Units (FCDUs) of commercial and thrift banks amounted to US$4,810 million. The figure reflected an increase of US$150 million or about 3 percent from the end-March level of US$4,660 million.  On a year-on-year basis, however, a slight decline of 2 percent (US$118 milllion) was observed from the end-June 2003 level of US$4,928 million. 

The growth in FCDU loans during the quarter resulted from net loan releases of US$190 million, which were partly offset by negative adjustments of US$40 million pertaining to foreign exchange revaluation (US$12 million),  rebooking of accounts and audit findings (US$28 million). 

Loan releases during the quarter aggregated US$1,212 million, or almost twice the previous quarter’s figure of US$607 million. Oil companies were the biggest beneficiaries, accounting for US$511 million or 42 percent of total disbursements which more than doubled the first quarter level of US$243 million. About 57 percent of these disbursements came from local commercial banks, and the balance from foreign bank branches/subsidiaries operating in the country. 

FCDU deposit liabilities expanded by US$18 million or by 0.1 percent to reach US$14,347 million during the same period. About 96 percent of these deposits were accounts of residents. The overall loans-to-deposits ratio improved from 35.1 percent to 35.9 percent.  

The profile of the FCDU loan portfolio was as follows: a) Resident borrowers accounted for 98 percent of total loans, with public utility firms and commodity/service exporters  each having a 21 percent share.  b) On a sectoral basis, private borrowings continued to account for almost two-thirds of outstanding FCDU credits. c) In terms of maturity, medium and long-term (MLT) accounts (or those with payment terms of one year and over) comprised 71 percent of total.  MLT credits comprised 55 percent and 98 percent of the total private sector and public sector FCDU credits, respectively. 

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 48 percent of the entire FCDU portfolio.

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