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FCDU Loans Up by US$1.1 Billion in 4Q 2012


BSP Governor Amando M. Tetangco, Jr. announced today that as of the close of 2012, outstanding loans granted by Foreign Currency Deposit Units (FCDU) of banks stood at US$8.7 billion, up by US$1.1 billion (or 14.0 percent) from the end-September 2012 level of US$7.6 billion or US$1.6 billion (or 22.6 percent) from the US$7.1 billion in 2011 due to an acceleration in loan disbursements.  This development was attributed to the favorable interest rate environment and positive business sentiment arising from strong macro-economic fundamentals. 

The maturity profile of outstanding FCDU loans was as follows: medium- to long-term (MLT) loans [or those payable over a term of more than one (1) year] represented 61.8 percent of total, down from 62.6 percent a quarter ago, while short-term (ST) accounts [or those with original maturities of up to one (1) year] comprised the 38.2 percent balance.

Loans to resident borrowers (mainly the private sector) represented 84.7 percent (US$7.3 billion) of the total portfolio, with the following as major beneficiaries: public utility firms (24.9 percent); merchandise and service exporters (18.3 percent); and producers/manufacturers, including oil companies
(16.0 percent).

Gross disbursements during the quarter surged to US$5.3 billion [or by US$1.8 billion (51.2 percent) from the previous quarter’s US$3.5 billion] with the bulk (78.9 percent) having short-term maturities.

FCDU deposit liabilities marginally decreased to US$25.1 billion4/ or by US$603 million (2.3 percent) from US$25.7 billion in third quarter; year-on-year,  however, an increase of US$946 million (3.9 percent) was noted.  The bulk of the deposits (98.3 percent) continued to be held by residents.  The loan to deposit ratio increased from 29.5 percent in the third quarter of 2012 to 34.5 percent by end-2012.  A substantial increase in the ratio was also noted compared to 2011’s 29.2 percent due to the higher growth of FCDU loans vis-à-vis deposit liabilities.

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