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Loans of Foreign Currency Deposit Units lower in 2nd Quarter of 2018

09.28.2018

Bangko Sentral ng Pilipinas Officer-In-Charge Chuchi G. Fonacier announced today that as of end-June 2018, outstanding loans granted by Foreign Currency Deposit Units (FCDU) of banks stood at US$15.7 billion, lower by US$690 million (4.2 percent) from the end-March 2018 level of US$16.4 billion as principal repayments exceeded disbursements.

The maturity mix of the loan portfolio remained biased towards medium- to long-term debt [or those payable over a term of more than one (1) year], which represented 75.6 percent of total.

The bulk of outstanding loans went to the following resident industries: towing, tanker, trucking and forwarding (24.6 percent); merchandise and service exporters (20.0 percent); public utility firms (10.0 percent); producers/manufacturers, including oil companies (4.0 percent).

Gross disbursements during the reference quarter reached US$14.6 billion and were 6.0 percent lower than the previous quarter’s figure. In contrast, loan repayments were higher by 4.9 percent, thus, resulting in overall net principal repayments of US$676 million.

FCDU deposit liabilities likewise decreased by US$456 million to US$37.9 billion from last quarter’s US$38.4 billion level, with the bulk (97.1 percent) continuing to be held by residents; these essentially constitute an additional buffer to the country’s gross international reserves.

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