BSP Officer-In-Charge Diwa C. Guinigundo announced today that as of end-March 2013, outstanding FCDU loans stood at US$9.7 billion, up by US$1 billion (or 11.4 percent) from the end-December 2012 level of US$8.7 billion due to an acceleration in loan disbursements. This development may be attributed to the low interest rate environment, stable exchange rate and positive business and consumer sentiment due to 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 61.6 percent of total, while short-term (ST) accounts [or those with original maturities of up to one (1) year] comprised the 38.4 percent balance.
Loans to resident borrowers (mainly the private sector) represented 81.8 percent (US$7.9 billion) of the total portfolio, with the following sectors/industries as major beneficiaries: public utility firms (26.9 percent); merchandise and service exporters (18.1 percent); and producers/manufacturers, including oil companies (15.5 percent).
Gross disbursements during the quarter increased to US$5.4 billion [or by US$93 million (1.8 percent)] from the previous quarter’s US$5.3 billion; the bulk (81.1 percent) of new loans had short-term maturities, which were largely for working capital requirements.
FCDU deposit liabilities increased by US$341 million (or 1.4 percent) to US$25.5 billion from US$25.2 billion at the close of 2012. The bulk of the deposits (98.2 percent) continued to be held by residents. The loan to deposit ratio increased to 37.8 percent in the first quarter of 2013 from only 34.4 percent in December 2012.