BSP Gov. Amando M. Tetangco, Jr. reported that as of end-September 2011, outstanding loans granted by Foreign Currency Deposit Units (FCDUs) of banks amounted to US$6.6 billion, reflecting an increase of US$251 million (4.0 percent) from the end-June 2011 level of US$6.3 billion. Loan transactions resulted in an overall net loan disbursements of US$246 million (excess of disbursements over repayments) resulting from the positive business sentiment about the economy as well as the favorable interest rate environment. Year-on-year, an expansion of 26.5 percent (US$1.4 billion) was also noted.
Outstanding FCDU loans in the third quarter consisted of medium- to long-term (MLT) loans [or those payable over a term of more than one (1) year] (60.1 percent) and short-term (ST) accounts [or those with original maturities of up to one (1) year] (39.9 percent).
Loans to resident borrowers (mainly from the private sector) reached US$5.3 billion and represented about 80.3 percent of the total portfolio.
Gross disbursements during the quarter amounted to US$3.5 billion. Major loan releases went to the financial services and manufacturers/exporters sectors. About 82.0 percent of the new loans had short-term maturities.
FCDU deposit liabilities slightly decreased to US$24.6 billion (or by 3.4 percent) from the end-June 2011 figure. The bulk (97.7 percent) of these deposits continued to be held by residents. The overall loans-to-deposits ratio grew from 24.8 percent in June 2011 to 26.7 percent at end-September 2011 due to the moderate growth in loans vis-à-vis the decline in deposits.