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FCDU Loans Up in Q4 2014

03.31.2015

Bangko Sentral ng Pilipinas Governor Amando M. Tetangco, Jr. announced today  that as of end 2014, outstanding FCDU loans stood at US$12.2 billion, up by US$99 million (or 0.8 percent) from the end-September 2014 level of US$12.1 billion, due principally to net loan disbursements.  The expansion of the FCDU loan portfolio may be attributed to the continuing low interest rate environment, growth of the services and export sectors, and positive business sentiment arising from strong macroeconomic fundamentals, leading to the 6.9 percent GDP growth of the country for the fourth quarter of 2014.

Outstanding loans to resident borrowers represented 70.8 percent (US$8.6 billion) of total, with the following sectors/industries as major beneficiaries: public utility firms (US$1.7 billion or 14.2 percent), producers/manufacturers, including oil companies (US$0.9 billion or 7.6 percent) and merchandise and service exporters (US$2.8 billion or 22.7 percent).  The US$3.2 billion balance (or 26.2 percent) went to other residents, with the following as major beneficiaries:  power generation companies (6.6 percent), realty development firm (1.7 percent), data solutions services provider (1.0 percent), and a holding company (0.8 percent).

Loans to non-residents comprised 29.2 percent of the total FCDU portfolio and showed a decline from US$3.7 billion in September to US$3.6 billion by year-end.

Gross disbursements during the quarter increased to US$14.0 billion from the previous quarter’s US$13.6 billion (or by 3.0 percent).  The bulk of loan releases (US$13.4 billion or 95.5 percent) had ST maturities, and were largely for working capital and other short-term funding requirements.
 
On a year-on-year basis, the FCDU portfolio grew by 16.5 percent from US$10.5 billion in 2013, due to higher new loans granted during the year. Medium- to long-term loans [or those payable over a term of more than one (1) year] represented 63.1 percent of total, and funded various projects.  Short-term (ST) accounts [or those with original maturities of up to one (1) year] comprised the 36.9 percent balance of the loan portfolio.

Deposit liabilities stood at US$31.8 billion by end 2014.  Year-on-year, deposit liabilities increased by 22.7 percent (US$5.9 billion) from the US$25.9 billion level in 2013. Resident accounts continued to comprise the bulk of deposits at 97.1 percent. However, the loans-to-deposit ratio decreased from 40.3 percent to 38.3 percent in 2014 as a consequence of the higher expansion in deposits (22.7 percent) vis-à-vis the lower growth in loans (16.5 percent).

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