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FCDU Loans Post Four Percent Growth in the Third Quarter of 2011

12.29.2011

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.

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