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FCDU Loans Up by 1.8 Percent in Q2 2014

09.30.2014

Bangko Sentral ng Pilipinas Governor Amando M. Tetangco, Jr. announced that as of end-June 2014, outstanding FCDU loans stood at US$11.6 billion, up by US$204 million (or 1.8 percent) from the end-March 2014 level of US$11.4 billion, due principally to net loan disbursements.  This may be attributed to the ample liquidity of the banking sector, the low interest rate environment, and the country’s growing external trade.  Sustained consumer demand and investor confidence in the economy, induced by the country’s stable and resilient macroeconomic fundamentals, also contributed to the expansion of the FCDU loan portfolio.

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 59.3 percent of total, and funded various projects. Short-term (ST) accounts [or those with original maturities of up to one (1) year] comprised the 40.7 percent balance of the loan portfolio.

Outstanding loans to the private sector represented 99.0 percent of total, with the 1.0 percent balance pertaining to the public sector with the following as major beneficiaries: public utility firms (US$1.9 billion or 16.5 percent), producers/manufacturers, including oil companies (US$1.9 billion or 16.0 percent) and merchandise and service exporters (US$1.6 billion or 13.4 percent). 

Gross disbursements during the second quarter of the year increased to US$14.2 billion (or by 10.1 percent) from US$12.9 billion a quarter ago.  The bulk of loan releases (95.9 percent) had ST maturities, and were largely for working capital requirements (83.1 percent of total ST disbursements).

FCDU deposit liabilities also increased to US$29.8 billion or by US$2.4 billion (8.7 percent) from US$27.4 billion in March 2014.  The bulk (97.0 percent) of the deposits continued to be held by residents and essentially constitute additional foreign exchange buffer to the country’s international reserves.  The loans-to-deposit ratio declined to 38.8 percent in June from 41.5 percent in the first quarter in view of the larger increase in deposit liabilities vis-à-vis loans.

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