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FCDU Loans Up by 8.9 Percent in Q1 2014


BSP Officer-In-Charge Diwa C. Guinigundo announced that as of the end of first quarter of 2014, outstanding FCDU loans  stood at US$11.4 billion, up by US$927 million (or 8.9 percent) from the end-December 2013 level of US$10.5 billion.  Loan disbursements grew by 16.0 percent (or US$1.8 billion) and outpaced the  12.2 percent (US$1.3 billion) increase in repayments, resulting in net loan disbursements of US$984 million.  The rising trend in outstanding FCDU loans observed in 2013 may be attributed to the low interest rate environment, broadly stable exchange rate, high liquidity position of banks and positive business sentiment arising from 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 58.5 percent of total, which funded various projects.  Short-term accounts [or those with original maturities of up to one (1) year] comprised the 41.5 percent balance of the loan portfolio.

Outstanding loans to resident borrowers represented 73.5 percent (US$8.4 billion) of total, with the following sectors/industries as major beneficiaries: public utility firms (20.8 percent), producers/manufacturers, including oil companies (17.7 percent) and merchandise and service exporters (10.6 percent).  The 24.3 percent balance went to other residents, including government agencies/enterprises.

Gross disbursements during the first quarter of the year reached  US$12.9 billion from the previous quarter’s US$11.2 billion. The bulk (US$12.5 billion or 96.7 percent) of loan releases had short-term maturities, and were largely for working capital requirements (US$10.0 billion).

Deposit liabilities rose to US$27.4 billion by 1st Quarter of 2014, or by 5.9 percent (US$1.5 billion) from US$25.9 billion in December 2013. Resident accounts continued to comprise the bulk of deposits at 97.1 percent. The loans-to-deposit ratio increased from 40.3 percent to 41.5 percent in the first quarter of 2014 as a consequence of the expansion in both loans and deposits. 

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