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FCDU Loans Up by 5.0 Percent in Q4 2013


BSP Governor Amando M. Tetangco, Jr. announced that as of the close of 2013, outstanding loans granted by Foreign Currency Deposit Units (FCDU) of banks stood at US$10.5 billion, up by US$493 million (or 5.0 percent) from the end-September 2013 level of US$10.0 billion. Year-on-year, an increase of US$1.8 billion (or 20.6 percent) was likewise noted from the US$8.7 billion level a year ago.  An uptrend was consistently noted during the four (4) quarters of the year which may be attributed to more vibrant business activities arising from the overall positive sentiment due to strong macroeconomic fundamentals.   

The maturity profile of outstanding FCDU loans was as follows: medium- to long-term loans [or those payable over a term of more than one (1) year] represented 62.4 percent of total, reflecting banks’ confidence to lend longer-term funds. Short-term accounts [or those with original maturities of up to one (1) year] comprised the 37.6 percent balance of the loan portfolio.

Outstanding loans to resident borrowers represented 79.5 percent (US$8.3 billion) of total, with the following sectors/industries as major beneficiaries: public utility firms (19.5 percent), producers/manufacturers, including oil companies (16.1 percent) and merchandise and service exporters (14.9 percent).  The 29.1 percent balance went to other residents including government agencies/enterprises.

Gross disbursements during the fourth quarter of the year amounted to US$11.2 billion and were largely for working capital requirements to support business operations. For 2013, total disbursements reached US$36.3 billion, more than double the US$17.1 billion recorded a year ago; loan repayments likewise grew from US$15.8 billion to US$34.5 billion. Transactions for the year resulted in an overall net disbursement of US$1.8 billion.

Deposit liabilities settled at US$25.9 billion by end 2013, down by 1.0 percent (US$249 million) from US$26.2 billion in September 2013.  Year-on-year, however, deposit liabilities increased by 2.9 percent (US$727 million) from the US$25.2 billion level in 2012. Resident accounts continued to comprise the bulk of deposits at 97.5 percent. The loans-to-deposit ratio also increased year-on-year from 34.4 percent to 40.3 percent in 2013 as a consequence of the higher expansion in loans (20.6 percent) vis-à-vis the lower growth in deposits (2.9 percent).

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